.... For 2015 and 2016, we include the estimated costs for conducting the Phase II liver cancer studyfor resminostat, such that R&D costs increase significantly, to €12m and €16m, respectively. This creates a significant financing requirement over the next 24 months, which we nominally assign to debt and we model as follows: €15m in 2015 and €12m in 2016 (in fresh finance). We note these figures are indicative and purely for financial modelling purposes, and acknowledge that the actual amounts may vary significantly. We have made assumptions that the remaining €6m Santo loan is fully drawn in 2015 and that €3.5m may be in convertible notes may be issued from the Yorkville facility, but again this is for illustrative purposes and the actual amounts may vary significantly. The additional funds still required for the resminostat clinical trial could come from debt, equity, partners, or a combination of all three.
.... Quelle: Edison Investment Research
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