I have been thinking what the funding structure might look like...

I have been thinking what the funding structure might look like if indeed MM can string this together post the FDA response and we are given the go ahead to move to trial phase for Covid.

Below is the example from MSB when it penned the partnership with Novartis. Putting MSB's disappointments aside I think we can gain a lot and get a picture of what to expect going forward on this front.

Obviously ignore or scale down the numbers however you like. My main reason in trying to find it was to see what it could do to the SP. Understandably much of it will be tied to trial outcomes and commercial milestones but importantly there will be a sizeable upfront cash payment and equity stake. My guess is BIT could receive around <$5mil and some equity buy in from the potential partner.

- Upfront Cash payment + equity stake (some degree of dilution here)
- Phase-X trial cost covered.
- Commercialisation milestone cash bonus
- Sales milestone cash bonus + tired royalties
- Co-fund development with 50:50 profit share
- Commercial product cash purchases (may not be applicable)


Based on MM's comments so far the initial trial costs might come from a government grant but I also think it might be partly shared with the partnering company.

Keen to hear ppls thoughts on this.......

MK.