SPP, page-12

You misread the intent of my earlier post where I referenced 2021 as "two CRs away". I was responding to a post that implied that PNV would not get significant cash flows until FDA approval of the BTM for burns. Go back and read it, you’ll see. There is no way I would still be in this stock if I thought that the next five years would be spent waiting on BARDA completion and FDA approval for full depth burns before revenues start flowing.

Here’s the post:

"I don’t know if this scenario will or will not play out the way you describe, even if it would be very nice for the shareholders.

"But here’s what I do know: it can’t happen before 2021 at the earliest, because that is when FDA approval is expected. Unless something else happens earlier to generate revenues, that’s two more CRs away.

"We all need to hope your scenario plays out with BTM for surgical wounds starting next year or many of us won’t be around in 2021 for the burn therapy roll out."