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    I can't help thinking we're heading towards a Permatrex deal.  

    Recent announcements and third party validation, along with comments made by Matt in recent months, lead me to believe this has been in the wings for a while, particularly timed to support a phase 2 psoriasis trial and avoid the requirement for any capital raising for that piece..

    That said, a JV for the phase 2 psoriasis is also a possibility, either wholey, or supported by, revenue from a Permatrex deal.. 
 
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