this is bad, page-60

furniture - thanks for the correction, I guess it's about 40 cents a share beyond small cap. I've always assumed that the fallout from a set of bad results would be pretty grim regardless of the SP before the announcement. Prana is all about MPAC and failure of PBT2 would cast doubt on all their other MPAC candidates. When considering how much to invest, I've probably placed more weight on the consequence of failure than the risk of failure.

The flip-side of course is that the potential is excellent and hints at the sort of gains that don't come around too often. I'm sure that other investors have all reached a similar conclusion to me - that given the size of the carrot it's a risk that's worth taking.

I also feel it's unlikely that the results will be truly awful because there would have been little incentive to pursue the AD extension if things were going badly. If things go well the extension has provided another set of results to look forward to and could help maintain a good SP.

How the market would react to a mediocre or inconclusive outcome is difficult to guess, but I don't think it would be kindly. These could be boom or bust company-defining trials and I expect the data has been thrashed into the best possible shape.

Cheers - a hopeful pessimist

Disclaimer. DYOR. Your decisions are most likely better than mine. That should cover it.