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    I think EMA approval for IIb is a given it just comes down to the structure & cost alongside it.

    EMA scientific advice hopefully returned sometime this month then the company can prepare to submit their IIb application - it should provide more clarity towards the figure we'll need to source with capital for the trial. I'd assume we'll probably move for it post advice but pre-submisson for the IIb ? 10% cash is always a pretty good guide to price targets and fair value though - below weak, above strong.
 
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