Quote:

---

And a blockbuster deal could be announced at any time.

---

Can you provide some parameters as to what you feel a blockbuster deal entails? None of the dreamers seem to want to do so.

I would consider a $50M + $200M milestones + 12% royalty to be a blockbuster deal at this point, would you?


You have to understand how hard Leo's job is right now:

He has to convince risk-averse pharma to pay up on a very limited set of trial data. He has to conduct these negotiations with next to no money and no BTD. The only real way to get pharma to pay up is to entice two or more into a bidding war. Even then, they will only bid so high on a trial arm with 7-8 dosed PP.

I think getting pharma to pay up big ($100M+ upfront) for B-OM from our current negotiating position will be an amazing feat. I think our best case is to have a small upfront with a large milestone payment for achieving BTD at the interim look.

Quote:

---

"the fluff he has to work with"

---

He's doing his absolute best to keep our stock price as high as possible. He has not been dealt a great hand of cards as of late. No BTD, Prurisol failure, total loss of any clinically meaningful funding vehicle that does not destroy shareholders. He's doing his best with some patent announcements, pre-clinical tests and regulatory meetings. It's his duty to shareholders to reduce dilution by increasing the stock price. He has to work with what he has.

So yes, I'm a true believer. I believe he's doing anything he can to secure a deal and ensure the survival of IPIX so that we can move our pipeline forward. I pray that he succeeds.