SNO 26th Annual Meeting, page-51

Hello there PB! Good to see you around here again.

Although I still believe there is a possibility of having something released as a late-breaking presentation in relation to Kazia, I have no special information regarding what that could be, if anything. Although I have had difficulty getting a reply directly from the company, others on this board have mentioned that the company intends to release the Phase 2 results as a market announcement and not as a presentation. I'm not absolutely certain that it would be a trading halt situation. As long as the news is released (in full) outside of regular trading hours, I personally do not think there would be an obligation for the company to request a trading halt. Previous trading halts generally were required because there were deal details that had not been finalized by the time of the press release (for the licensing deals, etc.).

I do personally believe the final Phase 2 results will be the key to getting a substantial licensing deal for areas outside of China. So far, interim results have determined the median PFS for all patients in the study (about 30) as well as the overall survival for about 10 out of the 30 patients. The final data should determine the median overall survival (mOS) for all patients in the study, and since the mOS is what the company has stated to be the "gold standard" for drug approval by the American FDA, it will be the most important piece of data from this study. Having OS data from 30 patients rather than just 10 will substantially reduce the likelihood that paxalisib's effects were just "good luck" and, I believe, will have a significant influence on whether other companies will want to license paxalisib from Kazia or not. James has indicated that they have been in discussions will numerous potential suitors for a couple of years now; however, the final data is what is needed in order for these companies to make firm offers. I believe the company could easily see over $100 million up front as well as over $1 billion in milestones in addition to royalties on such an offer.