RE: late half a million pound buy2 Jun 2020 20:43
I’ll show you mine, you show me yours.
The Group is in late stage discussions with a number of well known potential pharmaceutical and biotechnology partners. It is anticipated that such discussions will be income- generating and will provide both non-dilutive funding and commercial validation.
At 31 January 2020 we reported cash and liquid resources of £3,841,000 and an underlying cash burn during the year, excluding R&D tax
credits received, of £3,151,000. It was announced post year-end, on 11 February 2020, there was a placing of 53,302,355 new ordinary shares of 0.1p each at a price of 3.0p per share to raise gross proceeds of £1.6 million, which will be used for general working capital purposes.
We have prepared a detailed financial forecast, including the impact
of this post year-end fundraise. This forecast assumes no further sales although, as noted above, the Group is in discussions with numerous potential partners. These financial forecasts assume that the existing structure and functionality of the Group are maintained and that investment in the in silico platform will continue. Our present projections suggest that cash resources will last for at least the next two financial years from this Balance Sheet date. This includes the receipt of R&D
tax credits in relation to the year ended 31 January 2020 of £557,000. Whilst it is expected that this tax credit will be received, it is included in the key risks on pages 14 to 17. If it were not received as expected then there would be no impact on management's overall assessment on the Group's going concern status.
https://www.etherapeutics.co.uk/media/1243/e-therapeutics-plc-annual-report-final.pdf
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