OK. There are three 'efficacy' cohorts which start following successful completion of cohort #2 which is a safety cohort. The three 'efficacy' cohorts are to demonstrate
Sustained reduction in HCV viral load in the blood
Assessment of TT-034 levels in Day 21 liver biopsy
Assessment of shRNA expression in liver biopsy
shRNA expression levels in serum (exosomes)
If all cohorts pass all these tests then unequivocally we have efficacy. But if results are good from cohort 1 and expectations get raised for the other two, then a deal beneficial to BLT may well be available then. Or maybe after the next cohort, or maybe only at the end. IOW, I don't think you can pin it down in the way you want. If things are going really well there will be a deal at some stage, and the better things are going the better the deal. If one of the tests fails then that could be anything from a minor setback or BLT being toast.
I prefer just to think in terms of : did the test succeed? Yes, we have efficacy (in 3 stages), no we're dead.
BLT Price at posting:
79.0¢ Sentiment: Buy Disclosure: Held