I think Leo has two offers on the table for B-OM,

I think Leo has two offers on the table for B-OM, one with BTD and one without. That’s probably why the BTD milestone was listed before a licensing agreement.

P result could also be a factor for a B-OM deal. If the trial is positive, Leo might ask for less unfront payment and more royalty. If the result is negative, Leo might ask for more upfront payment and less royalty.

Quote:

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(c) “BD Agreement” means a significant licensing arrangement with a pharmaceutical company that will include an initial (“up-front”) payment to the Company in an amount in the double-digits millions of dollars and will arrange for such pharmaceutical company to undertake the continuing development of the Company’s Brilacidin compound in the indication of Oral Mucositis, including the conducting and funding of clinical trials aiming towards the filing of an NDA.

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