Re-rate, page-16

RGS seems confident a deal will happen - it is more a question of the metrics. With due caveats about the Edison report, if RGS is able to ink a deal within the parameters outlined for Progenza in Japan, RGS should re-rate on the Japan deal alone. What is interesting to speculate if the deal will be for osteoarthritis alone or all indications potentially treatable by Progenza. An additional benefit of the deal is that additional value for Progenza will be able to be imputed for other indications/markets.

On top of this there is RGS's immunotherapy work, due for reporting - the phase 1 RGS H4K trial will be reporting before the end of June, as well as the pre-clinical anti PD1 inhibitor study around the same time. Maybe it would be a bonus if both studies were reported together.