today, page-21

Rescheduled trials started 10th Jan and if on time concluded when SM was OS. I reckon pharma's have changed their tune and have said trials are done, lets wait a few more weeks and get reported trial results. I know these trials have been said to be non-influential on any deal but given the planned timing of trials/deal this never made sense to me. With the trials done(?) the boards of the pharma's would have to instruct negotiators to wait for reported results before singing IMO. I think this will mean another 4-12 weeks for a deal (although one could come any day). I am thinking of TDA's posted summary of the BS report that mentioned TIS's capacity for sustained self funding etc. beyond August.