Things look to be progressing well, but their cash burn is accelerating and they are going to need a LOT of money (and time) to see any of this get to market.
Must be going to ramp up the SP soon to then put the cash carrying bucket down the well. Or maybe there is a strategic partnership on the horizon with one of the major Pharma players that are loaded with cash? That would also provide some likely continuity after Melrose has to retire!
In 14 months another 34million FPO shares will be released from escrow, along with 35million performance shares - probably quite a lot of dilution to come with these, and the fund raising activities, regardless of which option they take - the current SP will need to be increased by at least 2 or 3 times in the next 12-months to offer any value IMO - and that is sadly not likely.
Still anything can happen, and I am often (usually) wrong, so please ignore.
Cabe
Things look to be progressing well, but their cash burn is...
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