Fair Value Please, page-249

Yes, and given the R&D rebates, we have a very low cash burn.
If the TO is not high enough and unsuccessful, I do think it's time to raise a large amount of cash and launch into these Phase 2 trials with more haste in future.
Conserving cash and being lean has served us well to this point, but it's not the way to go forward into 2020 imo.

A 1:5 rights renounceable issue at say $1.50 would raise circa $30m.

I think OA has been estimated to be worth about $25m for 400 + patients, which is a huge P2 trial.
so I think we could do 3 Phase 2 trials ourselves at around $10m each net 2020...as they don't need as many patients as OA has forecast.
I heard P2 GvHD would still only be 20-30max correct me if wrong there. and I would say GvHD was done for about $5m at a guess looking at financials.

CLI, Woundcare and Asthma would be great. and that would really get us to a great valuation once kicked off.

Maybe why Brookes is on board now given background.

Just too slow lane 2019.