time for a reasonable discussion, page-5

"-Uses of cash. As I've flagged previously, there were a couple of conflicting statements in relation to the arrangement with Onyx. "Given the interest of Onyx in supporting this trial Patrys will not be actively seeking a licensing partner for PAT-SM6 at this time", yet a few lines later bullet 4 says "Fund activities related to potential partnering/out-licensing of PAT-SM6"."

The later point you're not getting best value from any partner/out-licensing/acquisition of SM6 based simply on what has been demonstrated in melanoma to date. While the results that have been shown are extremely attractive at an early stage if you want to build value you have to further broaden the scope. Hence - "Expand external collaboration alliances to generate additional preclinical data and intellectual property with a focus on haematological malignancies.". It's all about lifting profile.

"-One further point under uses of cash, in the presentation ("Patrys CEO Presents at BIO Investor Forum", slides 21 and 22 outline the potential options for PAT-SM6 post trial, with option 1 being: "Do a deal post current clinical trial" and option 2 being: "Do a deal post phase 2 trial. Raise significant cash and continue clinical development alone". In summary, to me it looks like they're gone for both options. They've got an "arrangement" (undefined) with Onyx in place, which will hopefully garner some interest at the ASH conference, but we've also just raised a bunch of cash (hopefully anyways!), so that could mean option 2 is still on the table also?

It's really just option 1 but they have raised significant bank to raise profile & show they could carry trials through the next leg alone if they wish although $12.5M isn't even close to the amount of cash required to carry a drug right through to end of Phase III and market but it's demonstrating they can get bank. Cash shows strength in the event of any negotiations - if you require cash from a partner for your next move you get low balled (you need them) - you have the cash & the drug you hold power (you don't need them but they need you).

"-I would've liked some more details provided on the Onyx arrangment, and weather there's exclusivity, and if so, whether they've signed a standstill that prohibits them from acquiring shares or bidding for the company until post the trial? Given our CEO's background in biotech IB I'm sure they're very much all over this."

I'd like more details on the Onyx/Amgen agreement & proposed trial as well although after only being reached a week ago I imagine much of that trial is still under design & should be updated in the near future.