Innovation Pharmaceuticals Inc (IPIX)

[BioHedge]

For B-OM, 5-10M upfront 20-40M if approved and 20-35% royalty (maybe materially more if this was a worldwide license and not just regional). Terms aren't as good for a first deal for any company. Leo needs capital and 3rd party verification. Once a first deal is inked Leo and Art can afford to play hardball for future indications.

Tide is about to turn. OM is a big market with not a lot of good options. We'll have a deal within 90 days.