"A capital raising is to me unlikely. If approval from EMA comes...

"A capital raising is to me unlikely. If approval from EMA comes within, say 3-4 months, and sales are strong, I reckon the existing funds can stretch with some careful financial management. If we get extra European and Asian and South American countries on board due the the EMA approval, the FDA approval may not be so high priority now and so the rate of expenditure required in that direction could be slowed."

I don't want to sound like i'm down ramping, because I really like the future of this company. Although I'm the first to admit my knowledge re TIS is limited compared to alot of you- however my familiarity with the EMA, and taking a new drug/ device to market is not.

I'd bet on a cap raising. Ideally you would raise on EMA approval, providing it doesn't drag out. Even if approval was granted in 3-4 months, a cap raise would still be necessary. IMO you can't launch VitroGro in Europe with only a couple of million left in the bank( Which is what the cash position will look like in 3-4 months), you also need to leave enough to cover other commercial expenses, along with the admin costs associated with running the company. MGMT would also have to factor in the risk of a slow ramp up in sales, as nothing is ever smooth sailing in this industry. They're also the imminent need to fund US trials( from a management perspective I can't see the point in delaying a potential US launch when you don't have to). Not raising cash before the launch could put the company in a vulnerable position IMO.

"I am not just concerned about possible cashflow problems. I am more concerned about what effect this has on the corporate relationship with Quintiles. They dont seem to me to be the type of company that has a whole lot of sales and logistics staff sitting around on their patoozies for months on end. These delays must be testing the friendship."

I wouldn't worry about the corporate relationship with Quintiles, as they used to the roller coaster ride company's go through with any approval process. The likes of Pharmaxis are a prime example, whom are also partnered with Quintiles.