There is no data in the pipeline and cash is low.
It's hard to say whether the push back in Japan has been one of three things.
1. Low ball offers from potential licensees
2. How compelling has the phase 1 data been viewed in Japan
3. Differences with AGC on partnering.
On this basis if Leo Lee can pull a deal together it will be a great and much needed outcome.
Ann: New CEO Appointed to Accelerate Global Growth, page-7
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