Very good announcement and an even better SP response.One of my...

Very good announcement and an even better SP response.

One of my major concerns was put to bed with today's announcement when I learnt that we had received ethics approval in the US, which is fantastic news. AUS ethics approval will come through soon - they are currently experiencing delays - but it will be reasonable to expect it any week now.

Cash burn appears high at first glance, until we see that it mostly involves R&D, which will provide shareholders with considerable value in the longer term. In fact, total R&D for FY2021 was 29.5 million vs 12.26 million for FY2020. The good news is we will qualify for a significant R&D refund for FY2021 with tax offset of up to 43.5% for eligible R&D activities. To give an idea as to how much we may qualify for, our tax incentive refund for FY2020 was 3.4 million.

Assuming there are no further delays to the IND being "opened", PAR should have enough funds to cover the clinical trials or at least will be able to source non-dilutive funding to do so, including exploring financing options, licensing/partnership deals, tax incentive refund or through the SAS program. I do not envision a capital raise being needed to complete the OA and MPS trials.

Fingers crossed we get good news from the FDA soon!