It appears option two has surfaced in the last month.

Amarantus Provides Business Overview - MAY 11, 2018

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Based on this information, Elto Pharma is preparing to initiate a private round of financing, followed by preparations for a traditional initial public offering (IPO) that has seen comparable companies command valuations in the hundreds of millions.

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https://www.amarantus.com/news/press-releases...s-overview


Amarantus Provides Update on Elto Pharma Capital Formation Plan - June 07, 2018

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Amarantus recently received an independent third-party valuation report which valued the Parkinson's disease levodopa-induced dyskinesia (PD-LID) indication for Eltoprazine in the US and Europe at $316 million. Amarantus management has outlined two distinct paths for Elto Pharma to extract as much value for the Eltoprazine asset for Amarantus as possible: 1) standalone private funding followed by a US or Hong Kong-based IPO, or 2) a business combination with an established clinical-stage biopharmaceutical company with strong management and an exceptional pipeline in which Amarantus could become a significant shareholder. Amarantus expects to make a final determination on the capital formation plan for Elto Pharma in the summer of 2018.

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https://www.amarantus.com/news/press-releases...-formation