terms of agreement, page-36

Abdm

You have perhaps conveniently forgotten that ANP will get 49% of the JV company which will be developing ATL1102. In any other Bio deals, an upfront fee and possible future 10% royalties are common, value of which is no way near a 49% ownership ofbthe future drug.

Would GSK offer 49% of the future drug profit to ISIS? Of course not. 49% is a much larger deal than an upfront fee of a few millions. In fact, if given a choice, I would take the 49% shares of the drug than a few million upfront fee.

The use of ATL1102 for trials does not mean TJAB is given the patents. ANP is still the patents owner. I don't see how you can imply that TJAB is taken over ATL1102 for free. Don't forget, ANP retains 49% of the eventual drug plus royalties.

I have no idea why you would think that TJAB will not proceed with the trials after spending the effort in reaching an agreement. The China government will not take kindly of TJAB if they failed.

As for IP issues, ironically, your article of the scientist's conviction actually tells you that IP is protected in China by law and it is enforced.

Also in Biotech, the ROW patent protection is sufficient to ensure that ANP will not be ripped off, regardless of what happenes within China.

I have no idea why such negativity towards a great deal for ATL1102 after the TEVA fiasco. Don't forget ATL1102 is at Phase 2b trials for MS, very close to the end point of Biotech.

If anything, the deal has added doubled the value of ANP for a drug that used to be the entire valuation of ANP in 2008/2009 when it had $30m MC!!

Why the market places zero value to it is beyond me. There are three indications now for ATL1102 : MS, Stem Cell Mobilisation ans Asthma.

ATL1103 is still in negotiation and about to commence Phase II. It is a 10 years effort to get to this stage with $12m spend. I still don't know why investors think this is some sandcastle being built overnight and can be washed away in one single wave.

There are conservative posters, there are negative posters and there are posters with no clue about Biotech. Except everyone is a critic. Nothing is good enough. And nothing from China is good enough. Yet our entire economy is relying on China. How prudent is that if the general view of China is true?