I listened to their conference call this morning and, frankly, I don't understand this transaction. Looks to me like Ceregene has totally thrown in the towel. They are getting 100,000 shares of a $10 stock, plus milestone payments? I must be missing something. They had $120 million of private equity invested in the company.

Interesting that there was almost no mention, other than the failed study, of CERE-120. All Sangamo was touting was CERE-110 (for AD). I guess we shouldn't be looking for any new CERE-120 trials anytime soon, if ever again.