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Biotech / Medical : PSDV - pSivida Limited

PSDV 1.220

+14.0%

Mar 29 5:00 PM EST

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From: John McCarthy	4/18/2010 9:37:26 PM
	of 421

PSDV - my forward Cash Assumptions - Now thru August .... If we ASSUME 8 million warrants are excercised @ $6 per warrant .... If this all happened in August AND the ALIM IPO went smoothly (April 21st) AND PSDV is currently running quarterly NET CASH NEUTRAL then .... Cash in the bank at the end of August would be (1) Current Balance (2) Plus ... $15 million from Alimera (3) Plus ... $48 million from Warrants -------------------------------------------------------- (4) Total Cash .... $63 million =============================== and (5) Shares Outstanding ... 21 million (13 + 8) EDIT (6) If Alimera (ALIM) gets an FDA priority review AND (7) the FDA approves in December, 2010 THEN the December, 2010 cash balance would approximate (1) Current Balance (2) Plus ... $15 million from Alimera (Loan Payback) (3) Plus ... $48 million from Warrants (3a) Plus ... $25 million from Alimera (FDA approval) -------------------------------------------------------- (4) Total Cash .... $88 million =============================== ALIM (Alimera) said (see roadshow) they could ship Iluvien by Q1-2011. They also said that PSDV's 20% of Profits share is equvilent to a 14% to 16% roayalty percent on ALIM's P&L.

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