I think you thought wrong Tony and will maintain that opinion until it is proven wrong.
From memory he sold his huge 20% holding in 3 major tranches, the first two being the two you mentioned and the daddy of them all to Karst (approx 14% of the company @ $1.00). Not long after Treagus abandoned ship following after his long term supporter. My question has always been 'why'.
Anyone ??
A De-risked bio-tech with 4X upside - Karst Peak Capital, page-35
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