I think the 320k is for this first study. Supposed to be small and quick. They want that human data now and for a reason and as JT noted the acretion curve is steep so having this data puts more in Elite's pocket with the potential partner. How many studies till a partner is the question. I noted before about Elite having additional funds available because there is a 1m loan available from epic at WSJ prime rate. It is part of the alliance. Seems they are going this path first.

And yes it shows folks like Novel and partners they have a solid foundation now and can not be perceived as desperate. Carter basically alludes to this. I thought it was very key. He says something to the effect that we are not going anywhere now tha we have this financing available.