Benitec doesn’t have an IPO story, page-13

Amc, the first two cohorts are for safety. As Hoy kindly explained no viral load reduction is expected. It isn't clear whether patient six, the first in cohort three, should or should not have any response. We live in hope. Benitec are being prudent by not declaring their hand after one patient gets a minor dose when there are two more to come in the cohort. The greedy market wants a viral response reported now and then would attempt to judge the whole shebang on that result. It would be a disaster. We may find out very little from management about cohort three. We may find out a lot. I think what they are doing is prudent and agree that we must IPO as soon as possible. Whichever way it goes, this trial extends to cohort four and probably five. Greedy market will blame management if cohort three doesn't provide something like a log two result. The market and the system is just as much to blame for the SP woes as the board. We hold for the ultimate science because nobody, not Longtail, not KSS, not Dirk have given logical reasons why this isn't worth a full tilt.