It is common for there to be a reversion clause in

It is common for there to be a reversion clause in the event of clinical trial failure. We have seen some Big Pharmas turn drugs back to the original company in the past few months.

As far as who runs the clinical trial, it depends on what kind of deal it is. Sometimes the partner just contributes money and the original company keeps running the clinical trial. Sometimes the partner takes over the trial. It just depends.

No one is going to pay the kind of money that IPIX is going to hold out for, and then withhold the drug from market. Leo is not going to sell the drug(s) cheap. This is NOT like poor OCAT, which had its back to the wall because of horrendous management that squandered funds and took toxic financing. Leo has spent shockingly little money to get these clinical trials to this point, and the financing is NOT the kind of debt-financing that forced OCAT into a bad position. Leo is financing the company with (very little, relatively speaking) stock sales, rather than taking on loans. This means that IPIX can't be forced to take a deal. OCAT had a huge debt load and they had to either sell out or declare bankruptcy, because their loans were crushing them.