Ann: Patients to be Dosed in Ph 1 IV Clinical Trial of R327, page-8

IV and burns have to be considered in isolation. while it uses the same compound it is two separate applications and markets. Either of these trails failing will not necessarily automatically fail the other. Spray on application versus IV is quite different. Anecdotally burns application has been quite successful. (only mild stinging at the site of application initially) If IV is a complete dude we can pursue burns and other applications although admittedly a much smaller market excluding sepsis

IV will definitely have more chance to fail. Intravenous will be a more complex interaction with the body, hence why they are being closely observed overnight at CMAX with ECG and blood work done etc. IF we get no adverse reactions from IV it will be a much GREATER derisking of the companies prospects compared with burns so in a roundabout way I agree with you!