Cytodyn Inc (CYDY)

[Saltz]

The question is where is CYDY in terms of enrollment with the Adjunct Plll. We know it was reduced from 300 patients to 150. We know they enrolled the first patient after the FDA agreed to reduce the number. We don't know how many were enrolled prior to the reduction and how enrollment is going right now. Until Nader can add clarity as to the status of enrollment the SP is going to trade tightly. IMO when Nader is able to say the last patient has been injected the game is on. Then we know we are roughly 6 months away from completion of the Adjunct Plll. We KNOW Pro-140 will deliver strong results sufficient for submitting NDA and FDA approval. That will get CYDY in the door for there first label and well positioned to hit the home run with the Plll Mono. The Plll Adjunct is the key and I think Nader and company see this as the path to minimize dilution and avoid a RS. CYDY just needs to raise enough $ to make it to the Adunct Plll finish line. The uncertainty of how long that is going to take is IMO what is putting a lid on the SP.