Repros Therapeutics, Inc. (RPRX)

[ThomasS]

Androxal: It just occured to me that the FDA doesn't matter for a prospective partner; it only matters to JP if he desired substantial cash "now," or wants to outright sell the drug.
Why?

A partner could pay (ex-US rights): cash/milestones/royalties
(US) : milestones/royalties

This effectively gets the partner World-wide rights without FDA risk (no US positive PIII, no milestones/royalties). JP would necessarily negotiate higher milestones and royalties for the US portion, however.
If JP is content to wait for the FDA SPA results, he must be quite confident that they will play ball. Therefore, he will get maximum cash or reserve the US (only) for a later deal.
Besides, given Androxal's novel MOA, it seems reasonable that the FDA may back off their prior stance on QoL's.
This may explain why a EU partner hasn't already emerged: they all want World-wide rights, but JP only wants to partner ex-US until he can show that the FDA is playing ball and get max cash for the total program. I like RPRX's chances.
(If the FDA doesn't "play," JP can still get the above deal)