Innovation Pharmaceuticals Inc (IPIX)

[FlashingLeather]

I don't expect a B deal to close unless one of the following events occurs:
1) P results disappoint
2) a potential partner brings something absolutely critical (other than cash) to B's further development
3) BP rings the bell at Leo's numbers

When IPIX adopted their value maximization strategy a couple of years ago, I think it was fairly obvious that the intent was to partner with P first, if possible. They had not even started the B-UP trial at that point in time. Business conditions have changed since then, as they always do, and timing of all the trial data has made the potential for a B deal a viable possibility; however I haven't seen anything happen as yet that would necessitate a modification of their original plans.

I think Leo's strategy is simple at the moment. His numbers right now for anything B-related are high...quite high. He moves all options forward as much as he can but doesn't decide on a definitive path forward until he is certain of the P results. If they're good and he deems a P deal likely, he'll pursue that route rather quickly. It's likely he has a few players lined up for a fast look and decision on the data. If P disappoints, he'll drop his numbers for B, and get something done with that asset.