Prurisol can't possibly start January 15. CTIX still has to complete the scale-up and stability. Then 30 days to compile the final INDA, and finally 30 day wait for effective IND. Cannot possibly start until March at the earliest and if all goes smoothly.

Also, the INDA will be for Phase 2/3a, unless the strategy has changed since August. If the Phase 2/3a goes as expected, then a Big Pharma steps in immediately to complete approval for confirmation studies if required and the NDA. Look for an agreement as early as next fall.

If it works the way expected, the licensing agreement will be more than $1 billion including everything on the backend, plus royalties around 20%.

Blockbuster, bet on it.