Hi Phylogica
Could you also please comment on why we needed to spend 1.5 million dollars on consultants recently to decide the future path of Phylogica, given that we just took on two highly qualified new directors, and also backed that up with a Scientific board with multiple members.
Can you clarify who the consulting fees were paid to- ie was it actually the PYC scientific board members as independent contractors or an independent consulting group.
Do we intend to continue to use consultants in the future with similar costs associated.
Also in the future do we expect cash burn per quarter to remain at 3 million, rather than historic level of 1.5 ish.
If so how do we anticipate ongoing funding at a level of 12 million a year when it has been difficult to raise less than this in the past to fund multiple years? Last significant raise was a rights issue that doubled the share register to 2 Billion and raised around 9 million I believe?. And this was with support of existing substantial holders who it was recently indicated by the company "made good money and want out?"
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