Bear has done a good job of breaking down the Zenith webcast so I will just add below from the Q&A.

In the Q&A, DM said that they plan to stick with collaborations where partners pay rather than developing new molecules where Zenith has to pay the costs. He mentioned that the Phase III CRPC trial might involve about 400 patients.

As far as liquidity, he reiterated the need for a trigger point before an exchange listing. They are looking at a listing or M&A but that there is no use listing without a trigger to drive interest in the market. He said that when that trigger happens, it will also trigger pharmas toward a buyout at the same time so either could happen then. He seems to prefer the buyout but they will look at both as it develops.