Investment market practitioners will know that the equity price...

Investment market practitioners will know that the equity price will go no-where if the market smells another capital raising. This company should be a Harvard case study of what NOT to do.

As at 31 March, CDX had $4.1m in cash with access to a further $6m via the funding agreement - so $10.1m in funding available. (Yep almost half the last equity raising went immediately out the door to pay for old debts AND this is after the clinical trial settlement!)

According to the 24 April update (p7), normalised 3Q quarterly operating cashflows were around $3.3m (negative).

So if you believe the CEO, this suggests there is just over 3 quarters of funding left assuming no delays (ie 3 quarters x $3.3m/qtr = $9.9m against $10.1m in funding). A positive unknown is the revenue from ramp up. But as @Salubrious suggests, the number ain't much relative to the expenses. But a big negative unknown is the working capital drain to pay for the ongoing device manufacturing. If I was a manufacturer, and given the dubious track record here, I'd want all the money up front.

The company says in relation to the $10.1m in funding that "This is believed to be sufficient to fund the Company’s growth initiatives, its operations, and to meet its business objectives." That could mean anything, but in any event I call BS.

The market will (if not already) see the need for another capital raising very soon given the track record and poor visibility. Even a great announcement is unlikely to do much in my view. Remember the FDA approval announcement? ...pop, then crash.

So the Board is playing chicken with the market again. The recent placement was 8c. The share price is now 5.1c and Regal has been selling. The maths doesn't work and the market is telling everyone.

The right thing to do is cut unnecessary costs now, including the utterly ridiculous CEO salary for a business in this position. Shareholders should be sick of the triple dipping which is a major reason why the company is where it is today.

Pressure needs to be applied to the Board now. It will be too late after they've run out of money (again).

Just my opinion.