capital raising need is most likely beyond the scope of the...

capital raising need is most likely beyond the scope of the current register in any event.

the raisings have been getting smaller and smaller for the last 18 months or so - which is true of many biotechs - and is consistent with a register that is nearly tapped out.

The convertible notes provide a further challenge unless they are converted to equity as they need to be refinanced.

Therefore, to truly get things onto an even keel (without strong product sales) would need about $10 million.

This needs fresh institutional money. Which is very hard to find.