Too much emphasis is placed on ITF as being a Distributer.They...

Too much emphasis is placed on ITF as being a Distributer.

They certainly do not appear to be capable of being the Vivagel Distributer into the US market and that is the reason, extra links in the supply chain should be factored in.

With more mouths to feed from the Vivagel revenue means less in Starpharma's pocket, quite foolish to expect the same revenue with extra links in the chain expected.

The logic does not change, we will not get a % cut on the final sales, our customer is ITF and they will not be expected to give us royalties on sales from further down the sales chain.

My estimate is we will get around 4% on final product sales and I see it as foolish to expect anymore. After ITF we have the distributers and after the distributers we have the pharmacy.