Ann: Appendix 4C - quarterly, page-7

181k per week over the sept qtr. $2485k / 13 weeks.

In qtr with no extra research burn is $1400k (about $108k /week).

To respond for Dec meeting need answers by 17/11/14, which is mid-way through qtr so expect burn if $1945k (1400+(2485-1400)/2) in Dec, but depends on the billing pattern for research.

Closing cash sep14 $4567 - dec est 1945k = 2622k est begin Jan when CE expected. Tank low but not empty.

15M wouldnt be a big raising 1 for 6 at 30c (adit 50M shares15M/.3) (if price didnt kick on CE) or 1 for 14 (adit 18.8M shares 15/.8) at 80c if share price higher with CE.

All speculation in any case, but cash required early 2015, if it is with CE mark the dillution would be small. You would expect the $10M for FDA stage3 trial to repay itself many times over with US sales. The 5M is unfortunately the cost of CHMP delays.

Just how I see it anyway.