Ann: Clinical Trial Supply Agreement with Merck KGaA and Pfizer, page-121

neoHERIZON will assess HER-Vaxx in combination with chemotherapy with or without avelumab in HER-2 positive gastric cancer

This statement is very loaded. IF the Her-Vaxx combination with chemo WITHOUT avelumab should prove up better results than avelumab with chemo results, that would immediately put Her-Vaxx in the box seat. In other words, Her-Vaxx can take over the Merck's avelumab market with its superior results.

IF the Her-Vaxx combination with avelumab then shows up best result, then Merck will bend over backwards to sign a deal with IMU so that they can sell that combination and reap some reward rather than letting Her-Vaxx take over the avelumab market.

This trial design is done on purpose to put IMU in the box seat, IF both the above combination trials show better efficacy than the avelumab with chemo results.

I believe without a doubt, safety and tolerability won't be an issue at all as far as Her-Vaxx side is concerned. Another great big advantage there. Plus of course Her-Vaxx's lower cost of production.

Once the market well and truly cotton on to the above, the real re-rate will occur once the first good preliminary results come in.