"also it makes sense that IP is the security as current US$35m...

"also it makes sense that IP is the security as current US$35m may be secured against the Japan GvHD and Tigenix related IP, but to get the next US$15m and then US$25m company needs to meet certain milestones which likely could be related to the US GvHD trial, the CHF LVAD trial and perhaps the back pain Phase 3 trial .. each of these if pass their next inflexion point will be de-risked which means they should then be considered as relatively de-risked IP as security for the additional loan draw downs.."


I agree that the value of the Japanese royalties might be sufficient as security for the first US$35m drawdown.

But "perhaps" and "if" certain events come to pass will not pass muster when it comes to securitisable assets for loan risk purposes.

Otherwise all manner of companies will be putting their hands up for loans based on the basis of "possibly this...", or "perhaps that..."