Thanks Sinbob for this update. This update reminds me with my last meeting with Rob, where he made it clear that this is a Company that will be taken-out within the next 12 months or at least have enough licensing deals that the share price will be at multiples from where it stands currently. A year ago our discussions lead me to think a 300 to 400 million take-over, now I think 700 million plus and that's only if Pharmas act fast. Signing a couple of licensing deals would change this significantly, but will also depend on the amount of upfront and milestone payments they can secure. 

One more thing that will change BTI's valuation is getting some institutional coverage, which would be shortly after any meaningful license deal.