November 2016 CEO Blog: Questions from the floor

Our AGM last Wednesday in Melbourne and General Briefing last Friday in Sydney brought out some questions from the floor that I thought it worthwhile mentioning for those not able to attend.   Q.Are we looking to raise capital? No. We have sufficient funds to take us through to 2018. If we are successful in […]

Our AGM last Wednesday in Melbourne and General Briefing last Friday in Sydney brought out some questions from the floor that I thought it worthwhile mentioning for those not able to attend.

Q.Are we looking to raise capital?

  1. No. We have sufficient funds to take us through to 2018. If we are successful in our objective of achieving proof-of-concept in our clinical program during 2017, then additional funds would be needed to go into larger clinical trials.

Q. What is your burn rate?

2. Currently about $2M annualised. We have about $4.8M in hand.

Q. You have expanded the clinical trials program. Won’t that cost a lot more than you have budgeted for?

3. Yes, but not by all that much and certainly within our budget. First, some of the additional studies will be            Investigator-initiated, which means that our costs are limited to such items as supplying the test drug, a cost already covered. Second, all additional studies are based around radiotherapy, which involve short durations of treatment (about 2 weeks) and relatively small numbers of patients (10-15). Third, we have already manufactured sufficient drug to meet the needs of an expanded Phase 1 program. When you consider the modest additional cost of these extra studies in light of the opportunity to deliver proof-of-concept data in a timely manner, then it is in the Board’s view a very worthwhile investment.