In addition to clinical program details, I am hoping for an...

In addition to clinical program details, I am hoping for an update on the commercial strategy.

A long time ago, if I remember correctly, Phil was talking about trying to sell multiple times in different geographic areas which obviously makes sense.

What is unclear to me is how to value the three opportunities (AML, FTO and cardioprotect) collectively. The way I am looking at it is that if all else fails, AML could be what's left to try and salvage something. So ignoring AML, and presuming that you can't sell the same drug for different opportunities (FTO and cardioprotect) to different companies in the same geography, I would think the potential collective value is not the value of FTO plus the value of cardioprotect. But is it limited to the greater of the two? Or would it be a bit more?

I am guessing that also the timing of the validation of the two opportunities would be a factor. So could it be limited to the value of the first opportunity validated? And if this is the case, is it correct to presume the cardioprotect opportunity is closer to validation than FTO?

I suppose what I am trying to say is there are a lot of moving parts and it would be nice to get an update from RAC on the strategy they have to try and capture the most value from all available opportunities.

I was also thinking about the catalyst needed to get the share price up to a level that would make the speculation on some of the potential buyout figures a little bit more believable. Given that the most value is achieved from a buyout after P2 validation (correct me if I am wrong) and that RAC are waiting on RC220 to use in future trials, I am thinking that this announcement is the one to watch for.

Interested in anyone's opinion on this.