Ann: New Mechanism By Which PAT-DX1 May Reduce Cancer Metastasis, page-53

your statement might be true in general terms regarding biotech drugs. However remember DX1 and DX3 are biologics/antibodies (not small molecules drugs). Recent history tells us that Big Pharma are scrambling for biological/Antibody deals and are willing to pay for them before the commencement of phase I clinical trials.

Remember also that big pharma also recognize that only 10% of pre-clinical antibody assets that they purchase will make it to the clinic. However for those that make it to the clinic, they invariably become the next blockbuster drugs - with 1 billion plus revenues over their lifecycles.

Hence they are willing to take this pre-clinical risk for approx 60% of pre-clinical biologicals.

DX1 and DX3 have all the hallmarks of a potential buyout - all these animal studies showing multiple novel characteristics of the DX family + the news of an imminent phase I trial will in my opinion definitely position Patrys well for a pre-clinical buyout.