investor presentation out, page-8

In respect of HA-i licensing "Licensing would enable further de-risking and provides for a flexibility with fondaparinux revenue stream".

So with an upfront payment from a licensing deal, dont need Fonda revenue to drive HA-i development and so you can do something about Fonda including sale.

In respect of Fonda potential monetisation ACL states "De-risking ACL may lead to additional financial returns to shareholders". Hmm so our current market cap is around $172m. So perhaps the thinking is that a trade sale of Fonda for a large amount forces the market to value HyAct more appropriately thereby extracting value. Again doing what the IPO would have done.

"Aggresively pursuing options to maximise value". Full kudos to Charles and the team, exciting update and they arent standing around waiting for clinical results.