From Dr. Seymour’s Dec 18 Presentation, as annotated by DaysOnTheBeach.
29:50 [Audience Question -- Timing of First IND] Q: "What do you think will be the timing of your first successful IND and when do you think you would commercialize your first compound?" A: "The idea is for our first meetings with the FDA to be next year [2010]. We're starting on the toxicity studies; I'm getting quotes right now. So, it depends on how fast they [the tox studies] go."
Toxicity studies are conducted independent of a preclinical drug test.