Ann: Investor Webinar Notification SPL Medicxi Partnership, page-16

This ‘preserving the bottom line’ has no difference from signing a normal licence agreement whereby the licencing company does all the work and spends cash on R&D instead of Starpharma.

The major change with this new Venture Capital partnership is that Starpharma get zero dollars now, and zero dollars later if the program gets terminated. Whereas normally cash comes in through licence fees and significant milestone payments.

And let’s face it, the facts are that most drugs worldwide fail during Phase One.

P.S. Case in point being that all three Starpharma partnered programs with AstraZeneca were terminated during Phase One.