Ayala Pharmaceuticals Inc (ADXS)

[Meishairwin]

Ignatius, you're right about Iicensing being specific to therapy, indication, and/ or market, but whether a linensing deal is better/ worse than equity depends on the specific numbers in both cases. My point is you cannot assume equity funding is less preferable to partnering or vice versa. I'm just trying to bring some economic sense to folks who think prima facie that equity funding is less desirable than partnering. The answer is: it all depends.

My point about EU decision on marketing is exactly what you say: mid-2018 is the earliest decision time-frame, but a prudent investor should expect delays and not expect that decision until mid-2019. I could be wrong, but that's how I invest: being prepared for the worst.