In relation to the ATL1103 program, page-25

SB will not be paying a cent as they will say the FDA impacted the path to commercialization. They have now delayed 1103 for one year and damaged the commercial opportunity for ANP. So nothing positive other than ANP got a bit of cash. I suspect there will be no reimbursement from the higher dose study.

I can think of nothing positive other than subject to the higher does study ANP might be able to find a partner who actually wants to take 1103 forward. I admit that the FDA comments are a big concern though and Diamond should get this clarified before he unleashes the market on ANP. Mentally preparing for the stock to halve its market cap on resumption.

The company may recover if a 1102 deal is signed with a much more substantial up front component making it a lot harder to write it off as SB did today. Two drugs now with supposedly good clinical data that partners have dumped. One blamed a totally out of context tox report and the other we don't no yet - FDA orphan status not approved, funding priorities?