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$25m is an average for Phase 2b .. from my limited research .

IMO there will be some sort of partnership struck before the trials begin .

Shared costs or a licensing deal ??

It may depend on whether they go for a trial with the new approved drugs or have a trial with another trialing drug . MM has said she is thinking of polymerase inhibitors . Vertex's Telaprevir is the only approved polymerase . It has some issues with toxicity and I am thinking they may prefer something like one of Gilead/Pharmasset's new unapproved polys in an interferon free 12 or 24 week trial ( with ribavirin ) .

This would then be likely to include shared costs and it suits the current budget . It also goes along with what MM has alluded to in various updates and reports . IMO it will be 100% effective .

We are then free to capital raise later at a higher price for the co-infected trial ( with int/rib ) and for more working capital .