Delay Effect...., page-5

Will be interesting to see how the market swallows the deal. Its a good deal for UNS but the curious thing will be how are we going to go earnings wise as the cash will be doing well to last out the year

Its great to get the 15million kicker, the 20million exclusivity payment and the 30million con note. Crudely that puts us what around 65million plus whatever we had left over from Discovery/Orbimed.

The question remains...how does UNS survive until Jan '17 where they can get another 15millon from Amgen ?

There is the 17million sweetener from Orbimed/ROS and it appears there will be a reasonable chance we will need it.

I think anyone that does back of stamp numbers on first read will see that UNS inability to sell much in the way of devices may still be a problem here. If Amgen get busy and start throwing in 2-3 million per qtr for testing and trials then that will go a long way.

But the 850k a month earnings from the first 6 months of FY16 is rather low given UNS state:
- 2 x 500k quarterly shipments of Unifill
- Shipments of Lisa and Unifill to Abbvie.
- Shipments of wearables to Medimmune for trials

Less than 5.5million for 6 months means we will still be looking to some more deals with 5-15 million up front payments to help protect the cash,

The fact that Orbimed is still in our corner is bitter sweet. The fact that they are so supportive is AMAZING and great to know going forward. But its a tragedy that we need to lean on them so heavily and we have to be granted these dispensations.

So, my Day 1 - Amgen deal take away is we got 35million for our wearables in a good solid deal that will be focussed on wearables but tie up other devices too. We secured what is effectively another 30million loan from Amgen that we only have to pay 6% on and who knows whist it means dilution if they start converting shares then that will be a positive too . But...get going UNS, this definitely isnt free money and if the next 12 months are like the past 12months we will be in this same position too soon.

Can we get a production update now?