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To show this, we're re examining our initial risk profile for the company.1 Financial/Dilution Risk Minimal (Now even more minimal) We wrote that the financial risk was minimal due to the $3.9 Million in cash on the company's balance sheet at the end of 2016, which was enough to support Fennec for two years based on 2016 burn rate of $2 Million, which was long enough to reach the NDA filing period. We also noted the clean capital structure, which only had some warrants priced at $3.60 remaining.If we can consider that minimal, then the financial/dilution risk can be considered to be even more minimal today. In June, Fennec completed a $7.6 Million raise via private placement, which was led by VENBIO Select Advisor (Major biotech fund with over $790 Million in AUM).

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