Ann: Letter to Shareholders, page-12

This is significant to consider...

We are often asked by shareholders, 'when can we expect a licensing deal with Big Pharma?'
There are no set rules, but the business model for many biotech companies is to aim to generate compelling Phase 2 data and then seek out a deal with Big Pharma either as a license or outright purchase. I am aware that shareholders are anxious to know where we are in that cycle, but at the moment we do not have anything bad or good to report and are focusing on generating data of interest to potential partners. We are pursuing a number of paths in highly competitive circumstances, which is the nature of out-licensing. It takes time, and it is fluid, and we will only communicate to the market when a deal is completed.