us trial, page-4

Hi

Have chatted with McGarvey recently and haven't really been "put off" in any of the discussions. He does not strike me as a bull$h1tter and so I am genuinely interested when ashgrove says he does not trust the company.

I would be interested to try and understand why he feels that way and on what basis he has made those conclusions.

Generally speaking there are MANY companies that have dropped 50%+ this year..and I don't mean specciy miners.

Even stocks like Asciano, Toll, FKP Property - none of which have "issues" like - say - CER, CNP, MFS, CIY etc do.

I suspect PXS share price has been punished for many reasons - some fundamental like the need for further trials, and other reasons which are more artifical - like margin calls, Opes & Tricom blow ups etc etc.

Time will tell whether we are chumps.

I suspect we are not.

Some things McGarvey did say: He and Dennis HAnley have been through this before (market jitters) with Memtec, and that they did not want to issue any clarification statements to the media about the trials because it generates a perception - in their experience - that "smacks of desperation". (This was in respeonse to my question that maybe a media release via ASX might be considered.

He also confirmed that NONE of the Directors were caught up in ANY margin lending, let alone, through Opes or Tricom and he expressed bewilderment that ANY investor would want to leverage into a biotec stock no matter how good its prospects.

David put cold water over the thought of a takeover at this stage. He was quite realistic and stated that Big Pharma would happily let a company of PXS' size continue to take all the development risk 100% and while approaches were received all the time, they wer eoften not from thr right "players" (he means they were "two bit" operators - not the serious big guns)> Big Pharma do have a watching brief on PXS - but I think we all know this anyway.

Finally, he did confirm that a shareholder had been forced to exit recently.

That is all

Regards

Coop