On the last couple of calls King started saying "out-source" the Hepc indication along with "out-license"...that told me that they weren't expecting a big license, and as you say little upfront money. Made me think if they can partner it (or out-source it), the agreement would be for the company acquiring would continue all development costs, and we'd get future sales royalties if it ever got to market. Maybe some upfront money, but not much IMO - kind of like our 2 most recent deals with Affitech and Stason. I heard him say "out-source" (i think that was the term he used) twice after he had been saying licensing only for a while. I already mentioned this a couple months ago when I heard it again on the Dec call.
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