BioNap
Research analyst, medium-term horizon, biotech, small-cap

Omni Bio Raises Cash, Wastes No Time Getting Back To Work

On April 24, 2014, Omni Bio Pharma (OTCPK:OMBP) entered into a $3 million private financing plan that secured $2 million as needed and $1 million in future funds from yet to be named sources. This is clearly good news for the company, as Omni Bio exited 2013 with only $485K in cash. Burn for the three months ended December 31, 2013 was $295K, and that was because the company was - for all intents and purposes - dark during that time. Burn for the two previous quarters averaged $450K. As such, we believe that cash as of March 31, 2014 was down to less than $200K.

The secured financing took place with Bohemian Investments, LLC, a Fort Collins,...

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