Ann: Admedus Releases Results of HSV-2 Phase IIa Study, page-75

$13 million turns out to be an expensive punt.

Interesting takes from WP's webinar:

Time spent on the HSV2 Phase 2 (now downgraded to a Phase 2a trial?) results was maybe 30% to 40% of presentation. It was really one talking point out of the Immuno division's potential.
As a vaccine, COR-1 did not work at that dosage as the viral load shedding was no different to placebo. However, there was a clear delay in COR-1 recipients next viral outbreak compared with placebo group. That dose not make a vaccine.
No serious adverse events (SAEs) at that dosage but that does not rule out potential SAEs or an escalation is AEs at greater dosages.
The COR-1 administration caused greater localised CD4 and CD8 responses at injection site in subjects receiving in two arms as opposed to one arm. Suggesting to me reactions as one may get from standing on a rusty nail with one foot as opposed to standing on rusty nails with both feet. Not really a vaccine against tetanus, though it does get an immune respone.
HSV2 vaccine programme is not the money shot, WP mentioned another of Frazer's Immuno programmes (HPV for head and neck?).
The trial design was poor without sufficient powering to produce meaningful results. Perhaps, fortuitously as it allows scope for further investigation via a Phase 2b (at a higher dose?) before write-off.
Clearly, WP stated no new capital raisings to fund ongoing immune programmes. Looking for external funding and examining structural options. Meaning = spin-off (best result) or passive investment with consequent dilution as third parties directly invest in Admedus vaccines or programmes therein.