next cyclic peak on its way, page-23

Hi Ray & Eagle

From what I have been able to dig up in my own research;

Approaches from major pharmas for major investments, usually come once the clinical trials start showing safety and efficacy results that give a clear picture. Typically they wait till completion of Phase II trials.

As we currently only have interim results for Cvac (albeit looking positive), I think they'll keep circling for a while yet, with their beady eyes trained.

That's not to say there couldn't be a preliminary deal done for regional marketing rights, alternative cancer indications or licensing of the platform technology.