Ann: Change of Director's Interest Notice - R, page-5

re: Ann: Change of Director's Interest No... "Absolutely, good to see. Why on earth this is at the SP it is now is beyuond me."

There's a lot of jr. biotechs like that it's just how the sector values - while of course they all have the potential for large rewards majority of that is heavily back ended as can be seen when ever majors attribute milestone agreements with jr's. Value is rarely given in significant form until the point final approvals are granted and drugs enter the market when it comes fast.

Another example -

BIT slightly more cash than ANP - 3 x drugs in Phase II and only valued a couple of million higher.