Advance to Go (collect $200)

The EMA feedback in relation to the planned Phase IIb study was met with a collective groan by the market. We have already completed a rather comprehensive analysis as to why some shareholders think the reaction defied logic but consider also the following. The Phase IIb study of ATL1102 could potentially become the pivotal study. Its somewhat analogous to landing on Chance and picking up Advance to Go (collect $200). Any minor regulatory delays at this stage pale into insignificance if we pass from Phase II into a pivotal trial.

Think of the Chance card in Monopoly as the equivalence to Potential opportunity in Biotech. Its not set in concrete but its more likely than not. Going on the anticipation that the Capricor results from its HOPE-2 study may count as the pivotal, its actually a pretty good chance. The market, instead of groaning at delays, should instead focus on what it means for potential partnering opportunities. There's that word potential again at that's also a pretty good chance.