I really am concerned with Bintai's funds. First off, they are now talking about sharing the licensing cost with strategic partners. Also internal funds and bank borrowings! So they don't have the money.

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Bintai Kinden has to pay Generex US$2.63 million (RM10.93 million) for the pre-commercialisation stage and US$10 million for the commercialisation stage, in relation to the intellectual property, commercialisation, distribution, licensing and other rights granted. It will use internal funds and bank borrowings to do so. “The licensing cost will be shared with our strategic partners in the other markets,” says Ong.

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Then they signed a MOU with what looks like an institute to collaborate in the commercial development of our vaccine.

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In September, Bintai Kinden signed a memorandum of understanding with Institut Jantung Negara Sdn Bhd (IJN) to explore a possible collaboration in the commercial development of the Covid-19 vaccine in Malaysia based on its partnership with Generex. Ong says IJN will lead the discussions with the Ministry of Health with regard to the vaccine distribution.

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Then they sign up the real estate development firm to distribute our vaccine in Australia and New Zealand.

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Last Friday, Bintai Kinden appointed Australia-listed International Equities Corp Ltd’s wholly-owned subsidiary IEC Properties Pty Ltd to supply the vaccine in Australia and New Zealand.

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Now let's look at what they are really worth. 1US is 4.13RM in currency conversion. So their market cap is RM229.7M, which is $57.42M in US. They are operating at losses and don't have much value.

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For the first quarter ended June 30, Bintai Kinden slipped into the red with a net loss of RM1.31 million against a net profit of RM11.22 million a year ago, owing to the impact of the Movement Control Order that started in March.

In the financial year ended March 31 (FY2020), the group recorded a net loss of RM359,000 versus a net profit of RM335,000 a year ago. Its gross profit margin decreased from 15.9% to 12.93%.

“We will try to maintain profitability through cost cutting, including top management pay cuts by up to 40%. We expect 2021 to be a better year after we have gone through the cost-cutting exercise,” says its head of finance and accounts Ku Chong Hong.

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I honestly want to know how they are going to fund our trials? This is probably why all deals with them are taking so long, they don't have the money to pay upfront, nor to start the trials. This is very concerning to me.