RE: Gene therapy for MLD headline news today15 Feb 2023 13:40
Our BOD's said last November we have sufficient cash to run until 'at least' the end of our Financial year 2023 (June 30th).
Our CFO Russ Shaw said that we can reduce our cash runway significantly through the reduction in Development spend. Currently we are spending £250,000 per month of our £400,000 per month total expenditure on Product Development, and he said it is easy to see how cash run away can be significantly reduced!!
Just on Monthly cash run away savings alone:-
If we reduced our Monthly Development costs of £250,000 to £50,000 as from November 2022 (when he said this), then this would halve our total monthly expenditure from £400,000 per month to £200,000 per month, and our cash in the bank would then last at least until the end of this calendar year 2023!!
Russ Shaw also said we have Grant applications in process, and that they were looking at alternative Non-Dilutive methods of Fund raising too - Suggests to me they are 'Trying Hard Not To' raise additional funds through a share placing!!
GDR said on Linkedin a few days ago:-
'With support and initial funding from the RNID over 5 years ago, the simple genetic test has transitioned from concept to NICE recommendation of the Genedrive® MT-RNR1 ID Kit. Every child deserves the best possible start and this new test can help hundreds of babies each year to avoid antibiotic-induced hearing loss and lifelong deafness. #GDR #NHS #hearingloss #ototoxicity'
'RNID helped kick start this breakthrough and we wouldn’t have been able to do this without your support'.
It would be Great if RNID or GHIF or the like, supported us again with sufficient funds to take us through to our own independent financial revenue in circa June next year - it is not like we would need much money if we successfully reduced out Monthly cash run away, and are successful with our Grant applications?!!
I would not be surprised to see our SP double from here if an RNS landed to say we do not need a share placing as we have covered our business costs until our own independent revenue kicks in!!
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