The $30M seems like a minimum amount as they have $5M to PGNX upon approval and this only leaves ~$2.5M per month for 10 months. Fine’s $90-100M estimate seems more a best case and definitely more than the minimum to get to revenue. My thoughts are somewhere in-between would be ideal.....maybe $40-50M. If they can get a big upfront payment of $100M that is great, but will likely be tied to lower royalty than say if they get $30-50M. I would prefer them not to walk on a thin line as they have a lot of trials to complete and I wouldn’t want financing to slow them down.

I’m sure they have a good idea of what the expected burn rate will be, but they have been a little too optimistic at times.