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The company needs funds, whether that's a placing or whatever.
Let's see what news comes from the conference call before throwing out statements on funding when we have at least a months worth of cash in the bank and the next RNS could be good news catapulting the SP into realms where funding we be more favorable.
I don't think placings will be done till next RNS regarding FDA approval...if approved then placing may be done but will be lot higher.
Funding options - approach one of the big boys and offer $2 million worth of shares at about 5p ! That would be the cheapest and quickest way to raise funds - the RNS seems to say that the BOD has only a few weeks before it runs out of cash so "Needs must when the Devil rides !" or She who hesitates is lost Mrs May !
Cash burn apart from salaries/rent must be virtually zero surely? So £3m should last more than a couple of months? No actual testing going on.
Salaries should be deferred IMO. It's on the company that they were unprepared for a CRL.
The timeline seems straightforward, depsite all the knots in the LTH stomachs (am sitting on a massive paper loss myself right now):
1 Conf call (need a bit of calm from GL at this time)
2 Funding (am praying for non-dilutive)
3 FDA meeting (the sooner the better)
4 Get the data they need (still think it's a labelling issue so hopefully won't involve any trial)
5 Resubmission
6 D-day 2 (once they've answered the FDA's Qs I believe we have a VERY good chance of approval - despite having had our confidence shaken this week)
7 Breathe a huge sigh of relief OR tighten my belt for years to come.
I certainly wasn't expecting this to be my first post back here since the original D Day, but I now realise I was guilty of having been as overly confident at the company obviously were.
GLA.
Missthepenny...thats true, all made a bad mistake in being to confident of approval. There was mitigating factors to this ofcourse. The previous failures now been approved, the company contact with the fda through the process, the posters showing beneficial benefits against van and last but not least....no add comm which was the biggest factor for me. All of that said....we made a mistake and gambled against it but its a debatable point wether the company should have done. With hindsight and its easy with hindsight i know, but they should have made sure they had enough money to cover the debt and a bit of working capital for there after. The position now is much more difficult to manage and this puts all at a lot more risk. The problem there is that bod's can just walk away onto their next project...yes, they lose their options but big deal, thats like you losing a bonus at work. It might have potentially been a lot of money for them but its not going to effect their mortgage payments or retirement that much....not like us! Hoping graham has got a good strategy for coming out of this but we are in the lap of the gods now......if mtfb have made a mistake or tried to wing one then we up up some creek in the back of beyond...if you know where i mean:)
Chill. They have sorted Hercules out till June. Let’s see the cost reduction proposals- it’s only management time atm ( and we have few staff) so not difficult to control that. So they are fine till the meeting and then they’ll know what to do.