RE: Transcript5 Jan 2022 13:57
2/1
Now (laugh) it may not sound like very much, but because I have been going out with their scientists in order to talk to people who we are going to be sub-contracting the work to this means that I can be incorporated into the confidentiality agreements as consultant, and can go out physically on site to talk to people, visit hospitals in order to decide which clinics are going to be running the trial in. So, it really enables us to start running the trials process in parallel to their fund raise.
Now clearly the sub-licence itself is subject to their successful fundraise, and when they have raised sufficient cash to run the trial, then we will be able to complete sub-licence signature, but in the meantime making sure everything is ready to go is a really important sept forwards.
We have commented in the announcement that they expect to complete fundraising within Q1, we signed the Letter of intent in November and that really kicked off the their fund raising efforts, and that allowed them to go out to investors for the first time to show exactly what they had, what they were planning to develop, to do this fundraising. We announces at that time we were optimistic, that there was a chance for that funding to be completed by year end, clearly that has not happened, we are into the new year now, but we are very confident of it going ahead and we wouldn’t be putting the work into this service agreement if that wasn’t the case, and we have outlined the end of Q1 as a ..shall we say a long stop date in order to get the rest of the paperwork completed and for them to get their fund raising done, so we are working towards that, we are helping them to work towards that, and we are really positive for the future of this sub-licence