Ann: Enrolment complete and positive safety in Progenza trial-RGS.AX, page-5

Agree bubby...a gamble for rgs & partner before STEP trial completed. But rgs cash runway ENDS short of STEP trial finalisation....unless they try tapping mkt again w/o STEP or partner deal

If rgs have several Japan clients on tap willing to deal w/o STEP efficacy results there is pressure to deal early. If not, aruc raises a good point. Client might wait until STEP finalised to de-risk (earliest Q2-17). Normally rgs would be at an advantage with a de-risked product. But their 6 mos short of cash to finalised STEP & might be squeezed to tap mkt again Q4-16 w/o deal or trial results. SP & mkt cap would be hit hard & rgs the one under pressure to deal.

A signed delivered Japan deal incl. a few years operating capital by end Q2-16 & all good IMHO.