I agree that Pharmorage could be bigger than NOX. We would...

I agree that Pharmorage could be bigger than NOX. We would usually expect an IPO to occur, but in this case there is a possible alternative.

The ability to make an mRNA vaccine with negligible side effects but stronger efficacy must be an attractive proposition to many companies. It is true that trials would need to confirm the mechanism of action, but it is also true that the technology has been invented by a world-leading institution which has been working on it for many years, but only entered into a License agreement after they had compiled sufficient pre-clinical evidence to justify a couple of patent applications.

If I were a betting man, and I am, I would place money on the prospect that one or more companies will be willing to pay up-front License fees (perhaps with escalating amounts depending on the status of confirmatory trials), plus royalties, to see whether the technology will be compatible with their particular manufacturing technique.

We would not need a great amount of money up-front to obviate the need for an IPO.

That said, Noxopharm has to plan for the possibility that BMS or another company might try to buy Noxopharm outright. In that case, I expect Nyrada shares held by NOX would first be distributed to NOX shareholders on a pro-rata basis; and a similar thing to occur with Pharmorage. Noxopharm seems to think Pharmorage will be bigger then Ben Hur, so I expect NOX to do everything it can to ensure shareholders retain as much control of Pharmorage as is possible.