the more i guestimate results to end of september, due at end January, the more i think they will flatter.
For the 2nd half i rekon admin will be £3.5M, r&d £4.5M and sales costs £250k ie, total cost of £8.5M.
Income for 2nd half will be £9M from icodextrin m/f sale and CBF stake, £1M at least from product royalties and c£0.5M from pcrf resulting from ADEPT phae interim US complettion. ie, total income of £10.5M
Thus a 2nd half profit of c£2M
Take into account 1st half loss of c£0.8M, we should have profit for the period of c£1.5M. Giving net cash at end of period in region of £4.5M
For the current half, beginning October 1, we should have royalty income of c£1.5M, CBF share sale plus Budesonide filing has raising c£2M, and likleihood of Formetoral EU clearane in the period delivering milestone of c£2M. With cost of c£8.5M, i'd suggest a loss of c£3M for current half, ie leaving cash of 1.5M by end June 2004. Thus funding gets very tight this summer. However, if IB can deliver rumoured significant licensing deals in the period, which i think it will, MLB could be one of the best performers of 2004.
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