Well, my crystal ball has been right 100% of the time so far, and right now my crystal ball says no tox up through Monday, September 8. Maybe we'll get tox later in September. Suppose we do. Then it will be finished some time around February or March 2015. Now a normal company might then be able to get an IND and proceed to phase I before the end of 2015, and I still give NNVC 50% odds of doing that. But NNVC always manages to amaze and astound me by the new sources of delays it always manages to find, so I also give 50% odds of no clinical trials in 2015.
And, no, I don't expect any clinical trials before an IND, regardless of where they are held.
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