Ann: Imugene AGM Presentation, page-9

Its good they have toned down from "buy out" to "licensing", so less of CRs and get a powerfull pharma to back you and then buy out or royalty, looks like this will have a sustained share price appreciation if all goes well...

The global model for biotech commercialisation is to out-license the technology to Big Pharma in Phase 1b/2 trials
• Conducting Phase 3 trials, obtaining FDA approval for the product not within the remit of biotech
• Out-licensing is highly dependent upon demonstrating safety in Phase 1 and convincing signals of efficacy in Phase 1b/2
• Licensing deals are generally structured with an up-front cash payment, payments upon reaching certain development
milestones such as entering Phase 3 trials, payment on FDA approval of the drug, and royalties on net sales when the
drug is on the market