"Take a Closer Look", page-205

Hi Wessomart,

Try to slow down and take a breath and let me clarify a few things for you:

1) Partnerships, Chickens, Collaboration
2) Admitted (Can't afford phase 3 trials)
3) Low bar - not hard
4) Classify = Punt, Brave-hearted, Careless

1) WP stated that it was a collaboration for the immuno-oncology part of the technology, the HPV is where the partnership comes into play and there are too many chickens running around.

2) You have followed HC for three years and you didn't know that it was always the case that there will be a partnership for the (HPV 2) which involves $100,000,000 to $150,000,000 up front.

3) Low Bar (Yes) Not hard if you are happy with a 50% jump and three reps. (Not hard)

4) As far as classifying ADMEDUS as a punt etc... at this stage of de-risking the ADAPT platform, de-risking the immunotherapy platform, puts ADMEDUS in the hundred of millions of dollars. Market cap is not showing it until it gets pointed out.