Ann: Shareholder Briefing, page-98

DB,

Few options I guess. Depends on the partner. Chemocentryx need FTO, they just need the path to navigate- so maybe a one-off payment here? Imagine it would be an 8-figure sum..
Others who don't have any existing asset in the space and want one would look at a more standard agreement. Milestone on signing, may pay for the Ph3 clinical study, milestone payment on filing an NDA with the FDA, milestone on FDA approval, royalties on sales (maybe low double digit?) and maybe a sales target milestone too. Imagine the deal in total would be worth well in excess of US$100M should all targets be met.

Any deal would..

1. Validate the DMX-200 program
2. Validate the HIT-platform (multiplier)
3. Validate management's ability to conduct a clinical program and close a transaction,
..Oh, and put a rocket up the share price!!

Should be a very interesting couple of months.. and then post results (all going well), a very very interesting rest of the year. Positive Ph2a results and a deal by year end is certainly on the cards...

A.