Ann: Phosphagenics and Mylan Agree Settlement, page-29

Actually think not a bad outcome given the alternatives. Guess contrary to some others prev posted thoughts, Mylan Strides did decide to sit down with POH and work out something 

Feel that there is also some validation in the TPM in the outcome. POH could have been buried quite easily however Strides and Mylan both decided there is a potentially better future path for all parties by not burying them. Why? Do they place some value on TPM and the work POH is doing? 

OK, so the positions and original agreements / licences have changed but are still there just in altered states. The arb issue gave the other parties a whip hand to renegotiate terms in the end but didn't kill POH off.

Mylan may have actually been unhappy with the original Aquila agreement it inherited and now had the opportunity to rejig to something more palatable to them. Did any of the current allegations and investigations in the industry re cartel conducts etc have any bearing in considering a more transparent approach to agreement rather than heavy handiness? 

Mylan still go TPM Dapto if wants and POH 5% royalty (not checked yet how watered down from orig agreement that is). 

If Mylan does then source TPM from POH. 

POH can do own TPM Dapto (unlikely?) but if does must supply Mylan at cost + 25% but POH can also sell to mkt itself with Mylan getting 5% royalty. 

Mylan get TPM Dapto related IP and POH keep TPM IP. 

6mths for agreement finalisation. 

Strides get first crack at human TPM assets / devs but not existing stuff so Terumo relationship not affected. 

Strides get disc upfronts etc if do anything with POH so essentially a deferred settlement of sorts. 

$2.1m plus revenue OK for work capital 12 mths. Credit raise for sure probs not for at least 6mths though and will be interesting to see if anything gets locked away commercially for any patches, injectables, animals and if a positive FDA meeting before that time. 

Any of those will be a definite kicker obviously. Overall a much better than anticipated result imo. Not that unhappy at all. GLA.