The company has done an excellent job in building a strong balance sheet. The cash balance at the end of 2Q, 2013 was $24 million. This is reasonably comfortable when viewed against the historical and probable future burn rate of $3 million per quarter. The cash on the balance sheet can fund the company for two years or well into 2015.
Just after the close on April 9, the Company announced an at the market or credit facility that can potentially bring in $17 million over the next few years. The ATM, in my opinion, is an extremely effective mechanism for raising cash for a small biotechnology company. It causes minimal disruption in the market and the cost of raising capital is very attractive with discounts of perhaps 2% to 3%. I think this was a very smart move on the part of management.