Asset financing would provide funds for AdAlta to undertake Phase 2 trials. Licensing to a BP could entail an upfront payment that AdAlta can spend on whatever they want. The licensing route provides many scenarios. BP could pay an upfront fee and progress P2 and do the clinical trial themselves. It could be anything from a one-time payment to upfront payment +milestone payments+ royalties. You are assuming AdAlta has to spend the money on Phase 2 trials but that is more likely in an asset financing transaction with an investor but with BP they may only need to manufacture the drug.
Just look at the examples of deals on the slides and do more research then it should start making more sense. Cheerio.
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