Ann: Appendix 4C - quarterly, page-12

A sound cash position is the take home for me here an as Andrew has alluded, implies the recent re-rating has more in it than just a pump, though we can never rule it out. Plenty of shares have changed hands above the old resistance point so I lean towards new money entering the stock. Worth looking at other bios that have re-rated recently, ACW, for example. It didn't just go up in a straight line but first went from 4c -> 8c, retreated and consolidated for a while, then began the re-rate once more, up to as high as 15c. It's now back to 9c, which is still above the peak of the previous run. NEU was no different in the beginning and I'm sure many of us will remember the frustrations there. There's plenty of examples. The newsflow will come in time and I would expect before the cash has run out (at a minimum, the company appears to be covered for CY15). The expectation now would be that another re-rate occurs, prior to the next CR, if not funding from a pharma. It's a real leftfield stock compared to some of the other bios I hold with more cemented timelines you can table in an Excel sheet and set your watch to more or less. This one could surprise (or disappoint) out of the blue but certainly looking better than last year in terms of activity and publicity.