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frrol

06/30/18 4:04 PM

#232997 RE: BonelessCat #232919

The company only now has the data, and it is almost certainly unblinded by now.

The analyzable database is locked and the CRO then sends two files to the company: that databse and the dosing file. IPIX is now (probably done already) merging the two using the patient identifier "key" field that logically links the records in both files. This is the unblinding step (it's just a logical database merge, though metaphorically it is kind of like lifting a veil).

The company will very quickly ascertain the 60,000-foot top line results (probably about 1-3 days, depending on how prepared they already were for the CRO's data set structure - the 2B is different from the 2A), but it will take more time to drill down, verify, etc. before being comfortable with releasing it. That could take a month in all.

The company will be moving as quickly as possible if the top line looks like it passed the primary end points, for several reasons, not least because of how our recent share agreement was written. We got $2MM right off the bat but I don't know how much of that might have been for past-due payables vs ongoing OpEx, so Leo might need more cash soon. Regardless, if it's looking good they'll hustle.