Replies to post #194086 on 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.

[biomaven0]

>>n case #2, the DSMB might recommend upsizing the enrollment

I think that would play havoc with the significance analysis. The case you describe is different from an upsizing following a power analysis.

Peter

[DewDiligence]

MCUR phase-3 trial of CureXcell in venous leg ulcers stopped for futility:

http://finance.yahoo.com/news/macrocure-ltd-provides-futility-analysis-224000889.html

MCUR is also running a phase-3 trial of CureXcell in diabetic foot ulcers, which will report data in4Q15; however, failure of the phase-3 VLU trial probably spells the end of opportunity for MCUR to get CureXcell approved in the US for a broad wound-closure indication—and perhaps for any indication at all. (CureXcell is technically approved in Israel, but it isn’t actively marketed there.)