I realize the OM/IBD term sheet is the 800 lb gori

I realize the OM/IBD term sheet is the 800 lb gorilla in the room right now and for those BPs that were interested in it and are not the partner in the term sheet, they realize that ship has most likely sailed on possibly the entire platform that may reach triple digit billions over the years.

Now in the 10K Leo said there are still a number of BPs w/ CDAs interested in the P2b results. If you are the lead acquisition honcho for one of these BPs, how do you differentiate yourself from the crowd to Leo? Following would be my line of thinking:

Here is a drug that has high expectations for exceptional results in the P2b trial based on results from the P2a. This drug may well become the first treatment of choice by doctors for their psoriasis patients if the efficacy, quality of life issues, safety, and cost are in line with the expectations. This drug also shows a distinct possibility to have dermatology related applications and possibly will work on a number of other autoimmune indications. It's total revenues could also be in the triple digits over its lifetime. Since we don't know if all these conditions will be proven by the P2b results, we don't want to pay too much now but we don't want to forfeit the entire platform by pinching pennies either as just happened with the Brilacidin platform.

Thus, we will offer IPIX monies to pay for all amounts owed the CRO to get the results analyzed immediately. For this payment, we will only request that we have rights of last refusal as to terms to partner this indication, and if we do acquire such partnering rights, we would also have rights of last refusal for all other indications across the platform.

If this was agreed to, we guarantee that for the psoriasis indication that we will offer over any other offer additional monies of x% for the upfront payment, y% for milestone payments, and z% royalties (IPIX/BP negotiate x, y, and z). Thus, the other offers will solidify what they view the value of this indication to be and we will just slightly better it.

Then for all other future indications, we will offer the same type of deal with the x,y,z values negotiated per indication based on the cost of trials, size of market, position in market vs competitive products, etc.

Bottom line is that IPIX gets the monies immediately for the P2b trial results, the BP is only on the hook for less than $10MM should the results prove negative, IPIX is guaranteed the absolute best offer of all BPs wanting to bid on package, and a relationship is established to have one partner for the entire Prurisol platform. I think this is a necessary position for IPIX and the BP as doling out indications among many BPs would result in massive problems with treatment crossovers for the many autoimmune diseases which all would be able to be addressed via the pill delivery.

Just a thought outside the box as to how either a BP who really, really wants the Prurisol platform or Leo, who really, really wants a solid deal for the Prurisol platform and wants to see it moving forward in a rapid manner could both benefit (and us shareholders would be more than pleased also).