KOL Event tonight 10 Sept (by webcast), page-25

Thanks Roka - I agree that BNO does not have the funds for a Phase III trial and agree with Baseless that the timelines in that Hardman research were incredibly short.

Thanks also Baseless for linking the Hardman research....

Anyway, in relation to a bid or a licensing deal, Merck would know that they could cut a deal before the PTSD results are out and get it a lot cheaper than after the results are out - assuming that they are positive.

However, I concluded that on balance, few pharma execs would bet their career on buying before th results are out.

You get shot for buying a dud not for paying too much - so I reckon Merck would wait before making any offer on BNC 210.

Having said that, Merck would know what the drug could be worth if fully commercialised - and they would have a good idea of how valuable the drug discovery platforms in BNO are, so a cheeky bid for the who company is not altogether crazy or out of the question.

Why pay out a $75-100m up front payment to licence BNC 210 when for an extra couple of hundred million, they could get the whole box and dice.

Just saying....................

I guess we will all know very soon - fingers crossed.