I have not seen this valuation you are talking about where epitan pockets all of the cash.
As far as royalties go,ill be very dissappointed if epitan recieve 5-10% of the profits!
They have taken the drug so far and to give 90% of the profits away when all they require is 30million to get through phase 111 and hopefully fda approval for a drug which captures a 7 billion usd plus market is crazy.
Maybe a drug starting or in phase 1 trials which doesnt capture a big market recieve 5-10%profits

I realise only getting a 5%-10% royalty sounds unfair but then it depends what the bigger players are willing to offer.  They know EPT has to get past Phase 3 and doesn´t have the funds to do so, so unless a bidding war starts between big pharma companies, it could very well be the case that 5%-10% is what EPT have to accept.   Rationally, I would have thought that this would be drug all the big pharma companies would want to pursue and this could put EPT in a good position to bump up its share of the profits.   However, at a guess, I think big pharma companies arent going to want to start a precedent of paying 30%+ to small biotech companies who need funding.  Still (and hopefully), maybe EPT´s product will be so enticing that it will be able to leverage a higher cut of the profits.  
 
Of course it would be best if EPT could go it alone but I suppose the problem is that all they would have as collateral for a loan would be the company and the company´s value rests in the approval and success of the drug.  ie. it would require a very risk taking bank to loan the money.