Mast Therapeutics, Inc. (MSTX)

[Rhodey Red]

Yes, 100% owned for now. I'm actually happy about that fact now that we are so close to P3 results. Would have liked a deal in 2013/early 2014, but now it makes sense to wait until results and a much better bargaining position with larger pharma. Clearly we will need financing to market this drug. I prefer a partnership at that point versus another offering...but the money has to come from somewhere. I get that the commercialization is not overly complicated for SCD indication per their rationale from the most recent corporate presentation slides, but a partnership is very likely at that stage.