Management believes that Deinove (PA:ALDEI) now has the necessary financial resources to continue with its work until the end of FY17 without recourse to further equity funding. Deinove will continue to progress towards commercialising its technology in both the Deinochem and Deinol projects, with first commercial revenues expected by 2018. Based on the assumption that it can successfully deploy its technology, we believe Deinove could be worth c €8/share (previously €10).
FY15: Financial, scientific and industrial progress
Deinove strengthened its financial position in 2015, in part via an equity issue, and cash resources should be sufficient to fund the business until the end of FY17. It signed important agreements with industrial partners (eg Flint Hills Resources and Tyton) and passed a number of significant scientific milestones triggering payments from public funding bodies. Deinove aims to produce its first commercial revenues in FY18 and during the course of 2015 it strengthened its management team, partly to assist with the process of scaling up its technology to commercial levels.
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