Telecoms-industry focused Orchestream has become the latest bombed-out software venture to make progress on confirmation of an approach that 'may or may not lead to an offer'. The firm, which lost a staggering £21m (£9.8m) in the 6 months to June, has confirmed that it has received preliminary approaches from a number of parties. Any resulting offers will be considered alongside 'other options', namely a fundraising of some kind. Orchestream finds itself in need of new funds as it continues to burn cash at an alarming rate. Despite the numerous cost-cutting measures taken over the past year and-a-half, less than £7m remains in the bank - £3m less than at the end of June and £19m less than 12 months ago. At the moment Orchestream's shares will only appeal to those prepared to risk a punt on a possible offer price. Avoid.