There is certainly no reason to believe "the term sheet is officially dead" as stated by Dud since the company has not provided any guidance beyond the PR you linked.
Per that guidance, they are working to finalize a definitive agreement. Until we receive word otherwise, or a substantially conclusive amount of time has elapsed (considerably more than two months), there is no reason to think otherwise.
May29- “It’s an exciting time for the Company as we work toward solidifying Pharma partnerships—advancing ongoing licensing efforts that are already well underway, as well as generating interest among other potential partners,” said Arthur P. Bertolino, MD, PhD, MBA, President and Chief Medical Officer at Innovation Pharmaceuticals.
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