On a different topic, I was trying to put myself in the partner's shoes. Why would I delay? Why not put the milestones: a) Safety (part 2), b) CMC (part 3), and c) Approval? Those are very clear and objective.

Then I came to the one -- potentially very significant unknown. What will our label be?

If it is MDR3, then that dramatically limits our market for COMBO.

If it is MDR2 + limited treatment options in another class, then our market is substantially larger.

That would be one item I would like ironed-out prior to signing up to a deal. However, the challenge is that is likely to come very late in the game, when nearing approval. At least that is my assumption. Anyone know for sure?

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The only other thing I would be negotiating hard for would be first right of refusal on MONO. Or an outright option on MONO. Why butter the bread to let another company eat it?

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Or it could just be the lawyers dickering over the indemnity clause

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Just some thoughts.