Fair value, page-41

I tried to define efficacy in my last coment : it means that BLT's shRNAi works as per a particular test. So when a test is made for efficacy, ie. not just safety, and if TT-034 fully passes the test, then we have efficacy. The sort of efficacy, that is, that lights the fuse. Of course, it's not total efficacy until the successful end of PhIII. If it doesn't fully pass a test, that's not efficacy. If it's pretty good then it might still light a bit of a fuse, but to me that's only a bit of efficacy or a hint of efficacy, not the real thing. So yes, unlike pregnancy there are different degrees of efficacy, and hopefully the efficacy tests will be clearcut enough that we don't get bogged down there. By late this year, we should have a pretty clear idea.