Friday, November 15, 2019 1:27:02 PM
There is no drug in a position for a partnership at this time. I do not believe we will have completed even a 19 patient cohort in any drug by the end of 2020. We need cash now as the burn rate is $2.2 million per quarter before ramping up additional drug trials. By then we will have $5 to $6 million in cash at best.
IMO the market decline of 10% today reflects disappointment at the lack of progress. This company's has many times in the past failed to meet timelines. I wait for that history to change. I would be ecstatic if they accelerated the efforts in all 3 drugs. Raising more cash would give the company financial security to proceed as they pleased. At 9 bucks a share the sale of 1 million shares nets 9 million in cash buying us an extra year to have drug trials in all 3 drugs well under way.
Let us hope are not raising money again at a buck a share. Why as a CEO would you take that risk?
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