Had to go back to the raising announcement, as I wanted clarification of Phase 2 completion:
(e) (Phase 3 achievable) the Lender continuing to be
satisfied (acting reasonably) that at the completion of
the development of the inhaled therapeutic under the
Project to which the Facility relates that inhaled
therapeutic will be ready for Phase 3 Clinical Trials.
I was curious if by completion, did they mean the trial itself was completed, ie prior to submission and approval to progress to Phase 3 for the FDA approvals, or actual final approval by the FDA if they determine there is sufficient evidence to skip Phase 3 altogether..
From reading above, it seems pretty clear that completion means trial completed, submitted and approved for Phase 3.
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