According to Barnard, AE is appraised at approximately $0. It should be appraised somewhere between $0 and $X Billion. Are any milestone payments due from Merck? As I recall, their only obligation is the donation of Keytruda so the combo studies can be conducted. Generex is obligated to pay for the study. I'll be listening carefully to Joe's explanation of the AE spin-off on Wednesday.

Does anyone have even a ballpark estimate as to what AE is worth? Or is $0 the right price because it's only in Ph I. I remember Joe saying these immunotherapy studies are not worth anything until Ph III, or something to that effect.