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drkazmd65

05/22/18 9:50 AM

#139426 RE: leifsmith #139424

My primary concern in the 10Q - they appear to have capacity sufficiently scaled up for both making the micelle backbone, and of the ligands,...

But they still do not demonstrate that they have scaled up the combined product (micelle + ligand) beyond 10-20 g. They do appear confident that they can do so, but as of the effective date of the filing, they have not.

They also quite clearly state that their staff size has been pared down quite a bit, which does not permit them to run scale-up phases in parallel. They have to focus the whole crew on one step at a time.

I do think they may be a bit optimistic about the 'enough cash for a year' bit as well.

But - no new red flags.