with results due this month, my estimate for net cash as at end sept 04 (full year) is c£8-9M - against £14.7M to end march 04
this is based on an assumption in the 2nd half of:
c £1m in milestones
c£1.5M in royalties
c£0.3m product sales in 2nd half
against costs for the 2nd half of c £9M.
costs since this period are i think at around £8.5M for the next half (to end March 05).
Net result....with no major milestones coming through, mlb has enough cash until c end April
however, if EU clearance for formeterol comes through in next 2 months, mlb will become a serious takeover play....as this guarantees growing royalty income and the chances of budesonide also getting eu clearance
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