Pretty sure the M&A team in a big pharma would be looking at the...

Pretty sure the M&A team in a big pharma would be looking at the IP and associated trial data. they won't care whether it's owned by PH, the Easter Bunny or even mug punters like us. They'll work out complex financial models, with a whole bunch of risk and DCF calculations based on the number of indications it addresses. We just need to wait for the data, and the more indications we can explore via expansions in the MAST trial - the better - as this increases the TAM and therefore the top-line greatly.

Remember - once acquired the board gets disbanded eventually. Board members aren't really part of the sale.

Cheers,

YS