Excluding partnerships which could happen at any time I think...

Excluding partnerships which could happen at any time I think there will be a few more upward blips this year based on good trial results, all being well. Some blips may be a lot bigger than others and where the resistance levels will likely be afterwards I leave to others , until the next ASX price sensitive announcement of course.

I think the first piece of news that will go on to impact the balance sheet in the near term beyond JCR will be in H2 2018 or the next and it will be from Europe in the coming months.

I think it will be Takeda announcing one or more EU countries have agreed to a price and launch of Alofisel in their countries. I believe Takeda have the experience, resources and market penetration to provide product efficiently once the approval is given.

Will the market demand from existing sufferers of Crohn's Disease in the first year in each country only be around 15-25% given the response at 24 weeks? There are a few possible drivers for an initial snowball effect in demand.

See pages 14, 15 and 27 below (thanks @pfeifer1982);

http://tigenix.com/wp-content/themes/tigenix/images/TiGenix_Corporate_Presentation.pdf