Innovation Pharmaceuticals Inc (IPIX)

[PlentyParanoid]

You are reading it somewhat incorrectly. Term sheet negotiations is not signed term sheet a.k.a. agreement. IT IS negotiations over what should be in term sheet. Correct reading of Pullan’s pyramid from CDA on follows.

CDA ---> Request for diligence, dropout rate 60 %
Request for Diligence ---> Term sheet negotiations, dropout rate 50 %
Term sheet negotiations ---> Signed term sheet, dropout rate 50%
Signed term sheet ---> Signed full deal, dropout rate 40%

According to Linda Pullan IPIX is facing historical 40 % dropout risk. And, according to her has so far survived historical 90 % dropout risk since CDA stage.