TSXV:BTI.H - Post by User
Comment by
prophetoffactzon Feb 04, 2023 1:42pm
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Post# 35266903
RE:Until March...
RE:Until March...jd, "Knowing Dr. Deborah Rathjen's very careful use of words with respect to both what is said and not said, it wouldn't surprise me that when she says that Bioasis's "remaining cash reserves will allow it to continue operations only until approximately March 2023," that she means precisely that."
What jd doesn't say is that BTI's news release also said:
"As a result, Bioasis does not currently expect to receive the expense reimbursement payment or the final instalment of the Midatech bridge loan unless and until Midatech is able to secure additional funding."
Midatech had previously forecast that it only had enough cash until March. It is in a very tight financial position and it has only been nine business days since the 'no' vote concerning the deal with BTI. It is urgently seeking a path forward; but hasn't had much time to respond yet. Don't be surprised if Midatech announces a path forward financially in the very near term as it urgently seeks to address its situation. The market for small caps has improved significantly since the BTI deal was put together, Midatech shareholders voted down the BTI deal, and Midatech's stock price has been holding its own since the 'no' vote.
BTI is urgently assessing its own options. Given BTI's debt situation, and the need for a cash runway time will tell what happens. This is not a pretty situation.
On other matters, I can't find a replay to verifty but I believe Rathjen said J&J extended, and expanded the collaboration and made a small milestone payment.