reality check

Expect a fresh capital raising in FY13. Looks like the current price takes that risk into account.

The Canadians didn't pay much up front and I wouldn't expect the Europeans to pay much up front either. Plus, if QRX gets FDA approval mid 2013, it can't expect any royalty income for some time.

Start with cash on hand at 30/6/12, deduct expected cash burn for FY13. Is the answer enough that a prudent board would always want to have in kitty to defend the company's patent (if that eventuality were ever to occur)? I think not.