Thanks for sharing that.. it was an interesting watch.Did you...

Thanks for sharing that.. it was an interesting watch.

Did you hear the section where they discussed partnerships? Firstly the panel basically said partners were extremely hard to find in this space, simply because there are so few operating in the field and those who are have plenty on already, so it's going to take quite a bit of luck and effort to get their attention and convince them to partner up with you.

Megan was trying to tell us that OPT had 'options' and were keeping them open in terms of the phase 3 trial and getting it into the US market. I don't know who she is trying to fool... as the other two speakers basically said partnerships were a necessity if a small biotech is looking to break into the US and global market. Just my read of her responses... but in general, Megan didn't look too confident when asked about partnerships and wasn't talking about it as if she had anything lined up in the near future. When you say something like "the most difficult thing to know is when to partner up to add the most value to patients and shareholders", it's telling me you haven't quite worked it out yet.

The fact that OPT are not yet fully funded for the completion of the phase 3 trial is going to give them very few options. Debt is out of the question, so it's either another cap raising at a terrible valuation (they'll have no choice if a partner is not willing to commit).. or get a partner, which they hope will provide sufficient upfront cash to fund the phase 3 trial. They may need a partner and another cap raise if the trial is delayed.

Either way I think management have got themselves into a very tough position.. going all in on two phase 3 trials without being fully funded... that had trouble written all over it. I also noticed they got approx US$40m less from the US listing than they had originally planned.. I guess some saw what was coming.

The obvious thing to do was to partner up early, and then list on the US (which would have been much better received with a partner lined up)... instead they listed first, and now look at the share price.

Anyway I'm keen to hear others take on the session... a part from one of her opening lines saying the recruitment of the trial was going 'very very well'.. was there anything positive worth mentioning?