Acrux really needs successful Phase III results for Axiron and a licensing deal. Otherwise it looks like they're going to have cash flow problems - royalties from Evamist, Ellavie, and the animal health product won't cover operating costs for a few years yet.
They must be fairly confident about Axiron, though, or you'd think they'd have taken advantage of the share price to carry out a capital raising.
On the positive side, a good deal for Axiron could involve an up front payment of US$100 million or more, plus a royalty on sales. Which would not just cover their operating costs but would fund further product development (and maybe even a dividend).
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