Toniv,

The original framework agreement stated "The Framework Agreement requires that definitive agreements be executed by July 26, 2015, failing which the Framework Agreement will automatically terminate. The transaction is anticipated to close in June 2015. Resverlogix has agreed not to enter into negotiations with third parties with regards to the grant of license of RVX-208 in the Territories for three months."

The latest press release stated "Resverlogix expects that closing of the Hepalink Transaction and the Eastern Private Placement will occur on or before July 8, 2015."

My interpretation is that the final terms will be signed off by Wednesday July 8, 2015 based on the lated PR. However, I am unclear about the conditions of negotiating with additional third parties about RVX-208 licensing in the Territories. Is it 3 months from the April 27th announcment of the framework arrangement? Or is it 3 months from signing (~July 8)?

BDAZ