Maxim's Strong Incentive..., page-23

Max, I don't think that anyone is saying that management has done nothing; certainly I am not. I think the PF had made some very good decisions and I have said so publicly. However, I think that the gist of the argument for change centers around our credibility. The two lead programs, which were to be in the clinic in 2012, cancer pain and NSCLC, have both gone or are on their way to being dodos i.e., we could not get them to work. If TT-034 is not efficacious, who will put more capital into the company to develop new indications if we have failed in the first three attempts? If the AAV vector was a cause of that lack of efficacy, what would that say about the HBV program?

While I think it prudent to wait until cohort three is completed before the next report is issued, I do think that TT-034 results are all that investors will be interested in. IMO there is now no fall back position - TT-034 is it.