So PolyNovo is granted US FDA regulatory approval enabling them to sell its Biodegradable Temporising Matrix (BTM) for use in reconstructive and surgical wounds in the USA. They are well along the path to commercialisation.
AS for TIS, in their last cashflow statement for the September quarter they reported negative cashflow of $1.68m, no income (except for interest earned on cash), and $3.89m cash in the bank. Assuming same cash outflows, the cash should be about half that, so they'll probably need another cap raising by the end of this quarter just to keep the lights on. Massive dilution is coming.
The AGM preso outlined that $15m was need for a range of activities including the Phase II study, but it appears that the $15m will not be enough to see them through to even if it all goes smoothly.
TIS Price at posting:
4.5¢ Sentiment: Sell Disclosure: Not Held
