Good summary LO. I'd be happy with 2 of those 3 scenarios.
Like you said, 20mil does sound like much but when added to current cash, that would give the company a cash backing of more than 10c per share plus a quick pathway forward to commerciaise BIT225. Those two things alone would increase the value of the stock dramatically. Moving on to progress other drugs candidates would be a massive bonus as it would create a bigger pipline and more opportunities for further deals. All three would derisk the stock.
whats bit worth/.comercial deal, page-3
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