There is no way that the company will raise when they have $20M in the bank, in a fully funded Phase III that only takes just over a $1M a year in admin overhead.
They will run this to the trial readout without a need for a further capital raise, as they raised to be fully funded, then caught $3M-6M in unexpected savings by going with Peptron for manufacturing rather than going it alone, and saved 12 months in the process of other overhead costs. Fully funded and some.
There is no way that the company will raise when they have $20M...
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