george, that is a good point and to carry it further: Anavex, keeping two years of cash available for operations, has ~$60 million to purchase Blarcamesine pills (sans partner) for the EU market. That amount buys roughly 100 million pills of Blarcamesine (based on prior comments from TGD). Once approved and with notoriety in Europe, the 100 million pills could be devoured in 3-6 months and depending upon payment system in the EU, cash might be stretched a bit if there were no back-up, i.e., no partner or no shelf.
The Shelf will be a God-send if it were needed for any significant stock issuance(s) of its total.
Anavex Now!!!
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