Slow down with the optimism Des
They have milestones in place and will get awarded much much more than $4 Million if they can meet them.
It's no coincidence that they got just enough to stay afloat for some time while doing phase 2.
I think they may have simply been able to convince the Japanese that the phase 2 results will be much better if they can optimize the product.
Shiseido probably figure it's worth a try and invested an initial sum of money which is nothing to them, in exchange of a licensing agreement which if pahse 2 will go well will be worth billions.
This doesn't necessarily mean that Replicel have something more concrete for sure, but we well know they really think they do and think they can prove much better results in phase 2. Someone here on some threads was explaining to us they initially did some testing on mice and that went really well, and then they learned there were some particular things that make it a lot harder to grow hair in human they had not accounted for in phase 1, but still though they could overcome these difficulties.
We'll have to see what happens, but definitely it's good that Replicel is a more serious prospect than it was a few months ago!
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