Barcode, you are raising the possibility of Pli going ahead with an ADR type Nasdaq listing before FDA approval of Ryplazim and validation of PPPS technology at today's low sp level of $1.45 Canadian. I agree on A Nasdaq listing but only from a position of strength. That is, after FDA approval of Ryplazim, with or without voucher, a regional deal on 4050 eg Japan or early papproval of 4050 for Alstrom, early favourable clinical trial results for the iv and sc apps of Ryplazim and filing of BLAs for IVIG in Canada and the United States. If Pli were to proceed with a 10/1 ADR and list on Nasdaq at the equivalent of $14.50 Canadian or $US 10-11, this would represent a massive dilution. Also, even though Pli would have $150M in the bank, it would leave it vulnerable to another aggressive short attack if there were delays in FDA approval of Ryplazim, if a voucher is not granted or delays in signing partnership deals. If this were to happen the sp could drop to US$3-5 which would be unacceptable.

Also, you talk of a global deal with Roche or Boehringer but it is not clear to me that this would happen anytime soon. With a$150M in the bank, Pli is likely to go it alone on the next stage of the IPF trials as I expect there is likely to be a disconnect between what Pli thinks 4050 is worth and what Big Pharma is prepared to pay until the first 26 weeks of the IPF trials are completed, at which time there is a prospect of early FDA approval if the results are outstanding. So for me, I want to see the milestones hit and the sp near to $4-5 Canadian before we do a Nasdaq listing. At that time, one could talk whether a R/S or ADR approach is the best way to proceed. "