Ann: CONFIDENTIAL SUBMISSION TO US SEC, page-26

J8 - More like 30 million shares @ either $2,$3,$4 or $5 if results from cohort 3, 4 or 5 show viral load reduction. Preparing a IPO now seems the logical thing to do so they're not flat footed if viral load reduction accures. On the other hand Carl is talking about Value Maximisation "when best to let them go"...at what price would TT-034 at cohort 3,4 or 5 be valued at by a large Pharma if the drug shows safety and efficacy in just a hand full of patients? Or is Carl wanting to sell off NSCLC and hang onto the HCV & HBV programs?