1) Second licensing agreement "soon"

Yes, DM said "soon" this time at the Q3 webcast. But in all year we've heard that it's coming in 2016. So really no change since the end of 2016 is a lot closer now than it was in Q1 and Q2. I might crack open a cold one soon because its the end of the day, but this morning I was saying that I'd be cracking open a cold one by the end of the day.

2) "Specific details regarding FDA meetings and the agenda"

Same slide of the FDA meetings and agenda as in the June Q2 update. Both in the Q2 and Q3 update DM mentioned that meetings will happen by end of year. So no change there. Only difference is that dosing of the Phase 1 had started between the Q2 and Q3 updates (and is now completed).

3) "Confirmation of the animal tests that the FDA required"

The rodent studies were nearly completed as of Q2 update and now are completed. No surprise. DM did say that the results came back with no red flags/no surprises. So that is good, but not surprising. The fact that the tests are done has little bearing on FDA approval......FDA will decide that once they evaluate the whole package including the rodent data.

4) "Probably, most importantly, the delay in the AGM has fueled lots of speculation about a possible "something"."

Sure, but this wasn't a part of the R&R Q3 webcast so can't really say that AGM speculation was a part of the R&R presenation.

I'm glad you found the R&R so encouraging. I thought it was a great presentation...just lacking in any new info.

Have a great weekend,

BearDownAZ