16:24: Regarding company finances, since the chang
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Posted On: 07/09/2022 5:46:43 PM
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16:24: Regarding company finances, since the change in leadership, we have spent a significant amount of time and effort going through a strategic planning and budgeting process. As part of this process, we created a plan and budget that is focused on aligning spend with the immediate and necessary objectives of the company previously described.
During this process, we have gone through the various budget iterations, with the include the reduction of expenditures and resources to insure we are focusing our spending on areas that are essential to the company and its current objectives. Included in these expense reductions is the reduction in executive & management cash salaries by 25% & issuing equity in lieu.
We recently completed a PIPE financing round with Paulson investment company which resulted in net proceeds of ~ $19,000,000 to the company. We are focused on stretching and making raised funds last as long as possible and are focused on minimal non-dilutive financing. After the completion of this latest financing round, the company will need to seek shareholder approval, of additional authorized shares, can not only resolve and address existing financial obligation, but also to have the flexibility to raise capital if non dilutive alternatives are unavailable.
Similar to all other biotech companies, we require significant capital to support our future success. The current board and management are committed to using shares responsibly by raising capital at the most advantageous time, and terms available. And by using the capital raised to support focused execution of well planned business objectives, which we believe will result in maximum value creation.
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