J8, BIT225 was taken for 28 days only and they are funded for current trial commitments.
23/1/14 Company reply to ASX query "As announced to the ASX on 21 November 2013, the Company has commenced a phase 2 trial (BIT225-008) of drug candidate BIT225 to be conducted on 60 patients designed to generate safety and efficacy data of novel compound BIT225 when administered over a three month period in patients infected with HCV genotypes 1 or 3. As announced, patients for this trial are expected to be fully recruited by mid 2014 with preliminary data expected to be released by November 2014. This trial is on budget and fully funded by existing cash reserves. In addition, the Company's other expenditures are on budget and fully funded by existing cash reserves complemented by an anticipated R&D tax incentive refund for the 2012/13 financial year that the Company expects to receive during the first half of 2014. Previous receipts by the Company under this federal government scheme were $891,951 for 2011/12, and $447,490 for 2010/11. Refunds are in line with the amount of eligible R&D expenditure incurred by the Company and, as R&D expenditure has increased over subsequent years, the Company expects to receive an amount in excess to that received for 2011/12. 2. As the Company is a drug development company, operating cash flows will continue to be negative until a commercialisation outcome is achieved. However, expenditures will fluctuate according to the timing of patient recruitment for the BIT225-008 trial described above. As noted above, this trial is on budget and fully funded by existing cash reserves. The Company also remains in dialogue with interested parties regarding commercialisation of the Company's antiviral compounds"
BIT Price at posting:
17.0¢ Sentiment: Buy Disclosure: Held
