Biotech Values

[DewDiligence]

MCUR liquidity and share count:

Cash at 6/30/15 was $35.9M. Guidance for operating cash usage during 2H15 is $9.5-13.5M, which excludes $4M of cap-ex to be spent on the manufacturing facility. Hence, the cash balance expected at year-end 2015 is $22-26M, assuming no financing transactions.

(If the phase-3 trial in diabetic foot ulcers is successful, MCUR ought to be able to sell stock at a much higher price than the current market.)

The fully-diluted share count at 6/30/15 (including 1.3M low-exercise warrants) was 18.0M.