Ayala Pharmaceuticals Inc (ADXS)

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This has been addressed before. Here is the reason why it's unlikely they will wait for approval before striking a deal. They can get the same amount of money if a deal is struck now. Your reference to a large upfront payment after approval can just as easily be written in a current contract as the same payment given as a milestone when approval happens. The other reason why it doesn't make sense for them to wait is that a partnering BP needs a runway/months of planning a commercialization distribution strategy in the Europe market. That's not going to happen obviously until they've struct a licensing deal with ADXS. If ADXS gets Europe approval and doesn't have a commercialization plan in place that starts generating revenue, that would be a serious setback. Think about what happened to DNDN. Granted their case was different because of the high cost and they didn't have good manufacturing in place, but it all boils down to they were caught flat footed when they got their first approval. It wouldn't make sense for ADXS to wait until approval then scramble to put together a licensing deal and commericalization plan.