Starting from 6/30/12, it looks like they will need about $254MM to get to approval. Then adding $100MM to ramp up production brings it to $354MM.

Here is the breakdown:

It has been 2.5 months since 6/30/12. Al said it will take 18.5 more months to get to approval. That is 21 months of expenses at $11MM (Al said $10MM-$12MM) per month, or $231MM.

Then add $23MM for the law suit, brings it to $254MM.

Plus $100MM to ramp up production.

On 6/30/12 they had $59MM in cash and available borrowings.

So, they will need raise an additional $195MM (254 - 59) to get to approval. $295MM if you include ramping up production.

Al was talking about raising $86MM or more, so it looks like -- at this time -- they will not try to raise enough cash to make it to approval.