DEBT to EQUITY and timing of OFFERING with WARRANTS to fund Phase 2 thru 2015 and
then to fund Phase 3 thru 2020. Estimated cost of trials is $800 million. At issue is the US Gov't decision to allow the NIH, CDC and WHO to use any and all patents, intellectual property related to, and therapies for the greater good of humanity. As this develops we will see how stem cell companies will be compensated for their work.