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 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.