RE: Cashif all the share purchase warrants are exercised from the December 2002 PP and from the current PP then that would add another $5,500,000 to ONC's cash
they issued 1M shares at $2 in Dec 2002, and each share came with a one half of a share purchase warrant. each whole warrant could be exercised for $3/common share, until jun 2004.
my math comes up with $1.5M for that, or only about 80% less than your figure.
Also, remember ONC owns a swack of BCY shares which could be sold when appropriate.
i haven't forgotten that those 1.5M - 1.9M bcy shares have a market value of $300 to $400K based on current market prices, and if they were liquidated all at once, they would probably fetch quite a bit less than that, i.e., they would be enough to pay BT & MC & DB & WS's & GG's salary for a month, maybe.
i suspect the cash is necessary for a couple of reasons.
1. there is no imminent partnership deal on the horizon.
2. their burn rate has been underestimated - especially once they get into US glio & systemic trials.
you are dreaming if you think they have excess cash reserves - even if they had $18M, which they don't.
if they do attempt to diversify again after this latest tth fiasco, its yet another large yellow warning flag that these guys lack the necessary focus, commitment and business savvy to make onc succesful based on reolysin.