Ayala Pharmaceuticals Inc (ADXS)

[equaloppforall]

Hard to argue about the delay, but to be sure the delay is in dosing rather than enrollment. Enrollment entails screening, recruiting and prepping patients and that already appears to be happening at multiple sites.

But I am inclined to go with fbg's theory about starting the clock with a partner on commercialization plans at the time of dosing the first patient; in most instances it triggers a milestone payment. But I cannot be that sure though, because there is another clock - the patient clock. Enrolled patients cannot wait inordinately to be dosed, especially those with advanced cancer. The delay can hold only as long as it does not interfere with patient well being. So either there will be a partnership very soon or the theory itself does not hold.