Consistent with the transcript from the Zenith June 30th meeting that Masila posted, the notion of a Zenith IPO is still consistent with a subseqent spin-offs. IPO first. Then spin-offs. To the best of my knowledge, Don has never mentioned waiting until after Phase I trial to do an IPO. Instead, the message conveyed has been optimistic for the short-term. Of course, optimisim vs. reality can be completely different, and despite what is quoted below, we all know that a 2015 IPO is extremely unlikely if not impossible.

"Hoping to list on NASDAQ by end of year, but would want to time it with some "major" event (eg partnering/co-developing with someone or licensing Zenith somewhere, eg China). This would be the signal that might make it happen, but right now they have enough funds (burn rate 500K/mo) to last them for a while. Don said they have great expectations for something to happen before end of year, especially given what they are learning about how their compounds work.

May split company into Royalty portion (getting royalties from Resverlogix) and a development company. This will likely be a topic at the AGM in Sep. If a major pharma comes in, he doesn't really want others to benefit from the royalty stream. Those that have shares in Zenith right now are the ones who should be the beneficiaries."