RE: BigAl??16 Mar 2024 13:36
This is what BigAI replied to my question:
For your consideration:-
As of 14th March 2023 we had £2 mil in cash + £2 Mil from RF in April + No less than £500k R&D Tax refund due end of this year 2023 = £4,500,000
Since April we have also received a further £600,000 from RF (And a further £336,000 is due from RF on exercise of their first two drawdowns of Warrants – Date unknown?)
So £4,500,000 + £600,000 (Drawdown money from RF) = £5,100,000
Should we receive £2,100,000 DEVOTE Funding then we are looking at £7,200,000, which takes Our Financial status forward 18 Months Funding from March 14th 2023 = 14th September 2024.
Note: - Although DEVOTE funding of £2,100,000 may not be paid to Our Genedrive in a cash lump sum - it would reduce Our monthly outgoing £400k costs, which I believe may be already reducing our CYP2C19 development costs by as much as £125,000 per month. This saving is effectively keeping cash in the bank!!
Then - If we conservatively add in a further £1,000,000 Tax Development Refund for the period Jan 2023 to end of June 2024 – Takes Our Finances to £8,200,000 = 30th November 2024.
I believe we will receive a further £2,400,000 Drawdown money (8 x £300,000) from RF – Should this be so - Then we are looking at Funding well into 2025 !!
Along this Financial road, we will be receiving revenue from AIHL and CYP2C19 sales - to add in !!!
From Our GDR - DEVOTE Funding - ‘’to further the ‘validation’ and ‘implementation’ of the new Genedrive® CYP2C19 ID Kit pharmacogenetic test in a time critical clinical setting’’ = ‘'Validation’ and ‘Implementation’'
AIMVHO !!!
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