Ann: Clarification Announcement, page-386

Time and again LC has proven to be consistent, upfront and honest (as much as she can) in her leadership. I have no reason to believe this time is not the same. The reason I say this is that I don't think there is some big consipracy or some big problem.

The evidence we have is...

1. Merck announcing on 29th April -Keytruda for EU for patients with Cervical cancer.
2. Two days later - supply terminated (Imugene ann).
3. Considering broader macro supply chain issues worldwide etc and..
4. Considering LC saying expeditiously getting drug and buying off the shelf immediately.

Putting pieces together, the simplest explanation is...

Merck saying to IMU either we can't get you the drug, we simply don't have enough (things have changed), or we can get it to you in 6 months time (or longer). IMU saying Nah it is worth paying 1-2 Mill, to get the trial going quicker.

From Merck's side, this doesn't mean they aren't interested (medium to LT in IMU), it is just diff priorities. If you have X supply of drug and that supply you can give to...
a. ...to create revenue in the EU (now) or
b. ...some company (sure that has promise) but in PH2 - what do you do?

You choose a. Merck (is an established rev generating company) has the priority of Sell, sell sell. Imu a research based company has the priority of trial, trial, trial. Different priorities for the moment. But they may link up later.