announcement, page-83

Boiler,
Any revenue in 2014 would be welcome. Phase 3 won't have been completed by then. Perhaps they're assuming that Dubai will get 11 patients that year... ;)

My figures are based on gaining 10% market share. I have no idea how long that will take. For all we know it may be 2017 before that happens.

We've been told that Prima believe there is adequate funding to complete the trials. I can see your point though, if indeed the cost is 60k per patient we'd be left with 11m for 4 years admin costs. It just comes down to whether we believe the analyst's estimate or management's knowledge of the true cost (and their honesty in conveying it).

But we're all working off estimates and best guesses right now.
My figures are an attempt to put a flag in the ground and open discussion on the value of the company, post commercialisation.
Any one of the estimated numbers going higher or lower could change the position massively. Plus either unexpected costs or additional grants or tax refunds could impact the required funding.