Unidentified Analyst asking about dilution from the CC
Yeah. Good afternoon gentlemen. I have a question for Andre. So, the cash on hand right now as of the end of September was $4.3 million. And with the anticipated launch of the cannabis VersaFilm with Tilray, do you see like the company bridging it until you become cash flow positive without a dilution?
Andre Godin
So, that's a good question. It is, I mean, obviously the launch is accelerated launch since they're providing the API, which is the most costly, most expensive cost in the manufacturing and it allows us to read a little bit better. But having said that, I mean, there is multiple projects, ongoing projects, Montelukast being one of them. There is right now some opportunity that I'm looking at for non-diluted or less diluted instrument.
So, I'm really focusing on that, trying to bridge a certain figure, so we -- until we actually get cash flow positive. And we're always looking at the market valuation of the company and share price. There's price that we wouldn't go under to dilutive company. So, but I mean, we're extremely concerned, not concerns, but looking at these -- all these factors and obviously putting a lot of emphasis on non dilutive or less dilutive instrument, but I mean, I think that the reality is that we will need at some point, some kind of bridge until we get cash flow positive. And we're definitely looking at that right now.
Unidentified Analyst
And just a couple more questions in regards to this like, what kind of a runway guidance can you give us at this point for the company? And the other question is, in regards to raising funds, is that something that you see like this year or towards next year, if you can share a little bit more based on that?
Andre Godin
Yeah, so the run rate -- I mean is a little bit difficult right now, but we know that we're probably burning anywhere between $1.5 million and $2 million per quarter. But since we don't have formal forecast from Tilray, but we're expecting those soon. So, at which point, we'll be in a better position to look at our run rate for 2020. And also in March, obviously with our potential approval of RIZAPORT, a launch will take place after that in the U.S. and our partner is very confident that that would generate good revenues, so that's also going to be helping me to determine, what's going to be the run rate, but -- and in order to for -- so that's for your first question.
Your second question, it depends. I mean, I can't say whether it's going to be this year and next year. If I have the right terms at the right time then I'll do it. It's a non dilutive instrument then it would be as soon as possible. If it's dilutive, then it would have to be -- we would have to be looking at the share price of the market response, so that it would have to be -- all elements would have to be positive basically for us to finance the company, but we’ll need to do it at some point. That’s for sure.
Unidentified Analyst
Okay. And Dr. Zerbe, I have a question for you. If you can touch base again on the Tadalafil, if you can shed more light on that?
Horst Zerbe
Yes. As I mentioned in my introductory comments, we are planning to conduct a safety study. And just to shed a little light on that, as we indicated on earlier calls, the CRL that FDA issued for this product and requests us to conduct a safety study, which is what we are -- what we did plan with our development partner requested. We requested and received quotes from CRLs that the study will be awarded to a Canadian CRL.
I want to be open, this steady start has been delayed a little, which was not due to -- that were not caused by IntelGenx but rather by our development partner who for a short period of time went through a difficult time and had a problem to commit to that study that has now resolved. We spoke with some other people just a few days ago. So, we know that they continue to fully support the study.
To make a long story short, this study -- I cannot give you an exact date, but this study will start sometime in the first quarter and should be completed most probably in the third quarter. So we expect the product to be launched in early 2021.
Unidentified Analyst
Okay, and my last question for you is in regards to the Suboxone, it’s like a while back on like a couple of culprits called the back, you had mentioned that it was one of the highly active products currently at IntelGenx, and can you touch base on Suboxone and Par, and where that project is going?
Horst Zerbe
Yeah. I spoke with Par earlier today, and that product was brought up, and it’s continues to be an important program at Par. And Par had problems at their -- at one of their analytical sites that was involved in some of the analytical work associated with the Par which caused a bit of a delay. The companies are now -- both companies Par and IntelGenx are, as we speak, working on putting together a response to the complete response letter that FDA issued a while ago and that is currently pending. I’m at this point not able to give you a precise answer as to the target resubmission date. It should be sometime in either late Q2 of next year or Q3 of next year to do the best. That's my best recollection at this point. Well, that's the status to this and that's are my comment on the current status.
Unidentified Analyst
Okay. That's fair. Thank you so much. And we're looking forward to the launch of cannabis VersaFilm in December.
Horst Zerbe
Thank you very much.
Unidentified Analyst
All right. Thank you.
Operator
That concludes the Q&A session. I would now like to turn the call back to Dr. Zerbe for closing remarks.
