On the Bright Side, page-50

Beale,
Tell me where the company has stated that they have ever been offered a deal based on royalties.

Where have they ever stated that they will never do any deal without an up front payment.

This is from Shareholder update issued June 7
Subject to successful contract negotiations, SUDA could finalise several agreements in the next few weeks and months. SUDA has recently expanded its business development outreach in China and met with over 20 Chinese pharmaceutical companies at the ChinaBio conference in Suzhou on 18-19 May 2016. Some of these meetings have already advanced to full due diligence and discussions of terms.

Now if I go back to April

The business development team attended the BIO-Europe Spring international partnering conference, which was held in Stockholm, Sweden, on 4-6 April 2016. The team had one to-one meetings with over 30 pharmaceutical companies. These included several prospective partners that have completed their due diligence and with whom SUDA is negotiating financial terms for a license in various territories.

October 2015
Active discussions are ongoing with in excess of 60 of these companies, of which approximately 30 have signed confidentiality agreements.

Now does anyone see a similar theme here - a lot of discussions leading to more discussions - then more discussions.