Yeah your right shares outstanding is ~ 700M my concern going...

Yeah your right shares outstanding is ~ 700M my concern going forward is the share dilution, I have faith in the technology and since VF-001 doesn't enter the body or get absorbed I can't imagine that there is going to be a problem with safety and as far as efficacy goes well if we are to look at trials to date it has been highly successful in reducing wound area and pain for patients. Thus I believe that we have an excellent product this is all well and good but if it doesn't translate to a meaningful EPS then the future may look as bright as it once was. I can't help think that if we had ventured down the FDA pathway from the start we may have a revenue stream by now with significantly less shares outstanding. I still believe the best point of call would be to resubmit an application to the MHRA for ce mark approval in Europe at the end of phase II as by this stage a wealth of safety data will have been brought to fruition thus meeting the requirements of the EMA and have VF-001 be recognised as a device in Europe as we have so vehemently fought for. I'm not sure of the implications of having VF-001 recognised as a device whilst pursuing phase III drug trials. We most likely will need another 15M in 18 months to pursue phase III trials, resubmit an MHRA application plus inventory, R&D and working capital requirements. If we can raise at 0.05c thats another 300M shares which takes me back to my first point of share dilution and in turn having a meaningful EPS.

If we are to take a scenario of say the first 12 to 18 months of sales to develop a picture of what the EPS looks like you get the following:

VLU prevalence EU 0.8%
Population of initial nations 250,000,000
VLU Cases 2,000,0000
Penetration 2%
Cost per dose $70, 12 week course
Shares oustanding 1,000,000,000

Revenue
2,000,000 x 0.02 x 70 x 12 = 33,600,000

NPAT ~ 15%
33,600,000 x .15 = 5,040,000

EPS
5,040,000 / 1,000,000,000 = 0.005

Share Price assume P/E of 15
0.005 x 15 = 0.075