Fair value, page-45

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.