Fair value, page-27

The share price will rise if efficacy is able to be demonstrated but it will fall again if no-one is prepared to partner and put substantial capital into the trial process. Investors invest to make a profit and TT-034 will take many more years to commercialise if we are left to go down that path on our own, which is not what most investors want. This is why doing a deal is so important and why our business development team is running out of time to get an in-principle deal done. The technology is about to come of age and our sales team needs to do the same.