The proposed partnership was to have raised something like 7-8 million (as I recall, correct me if I am wrong), and was to have lowerd GTC cash burn to 28 million to $30 million. Without that, GTC has been burning about 8-10 million a Q.
Since the partenrship did not materialize , GTC's cash burn remained higher than projected, and when they report this time they should have about 2-3 million left, assuming no financing or parternships to be announced, is that about right?
I think LFB converted about 14,500 series D shares to 14.5 million shares. The assumption was for the new partner to be able to be issued series D shares.
So the new partner would have been issued shares at about a value of 58 cents assuming most of possible 14,500 series D shares were to have been issued. Not sure, is that correct?
What I wonder about, is once this new partner is announced, will that boost GTC's cash position to $10 million, and the same concerns will be present next CC about another partnership or financing?
Any thoughts about whether if this new hoped for partner will be enough to get GTC out of their projected need to still raise more cash before the end of the next Q?
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