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11:23
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Originally posted by PigRace:
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Hi stockrock,"We estimate thet the net proceeds[...] in this offering will be US$116.4 MN (or approximately US$134.3 MN if the underwriters'option to purchase additional ADSs is excercised in full). [...]We intent to use the net proceeds from this offering, together with our existing cash and cash equivalents, to advance the clinical development of OPT-302 for the treatment of wet AMD, including the initiation of and reporting of topline data from two pivotal Phase 3 trails." up to US$18 MN from this additional ADS's option did they actually raise?"The Company issued 7,493,600 pre-funded warrants for US$11,546,029 net of issue costs in respect of the US initial public offering. The pre-funded warrants[...] are exercisable to ADS's at an exercise price of US$0.00001 per pre-funded warrant on a one for one basis with no expiry date. During the year all pre-funded warrants were exercised, converting into ADS's." US$128 MN net proceeds rased in full existing cash and cash equivalents just before the IPO ?US$160 MN in total cash and cash equivalents available right after IPO on October 20th 2020. US$130-135 MN to advance the clinical development of OPT-302 for the tretament of wet AMD, including the initiation of and reporting of topline data from two pivotal Phase 3 clinical trials. [...]The remaining proceeds for other R&D activities [...] and for working capital and general corporate purposes."US$160 MN vs US$130-135 MN. That might not look overly generous, rather tight but eventually doable. Particularly as you are left with only US$20-25 MN (plus future inflows from the R&D tax regime) for all "other R&D, working capital and generral corporate purposes" until data read-out. Meaning next two years. Assuming no delays on your timeline. slippage in timeline compared to original expectations at the time of IPO is somewhere between 6-9 months .raised less funds than hoped for plus the delays make it hard to imagine sufficient funding.
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excellent post although I think they may not be waiting until topline 2023 for corporate action because results will be widely known from the inside as more and more patients are recruited etc etc
(20min delay)