Ann: NOX and Nyrada TechKnow Invest Roadshow Presentations, page-4

Graham Kelly was asked at TechKnow why DARRT responses were not as extensive as his own Complete Response. His answer was instructive:

1. He used stereotactic body RT (SBRT), and there is emerging evidence (from others) that SBRT is better than EBRT at activating a STING response.
2. Shifting now to SBRT would mean delaying a pivotal study by 3 years.
3. SBRT is far more expensive and far less accessible than EBRT.
4. It would be great if all patients receiving DARRT experienced his level of response, but we don’t have to get that level in every patient to get marketing approval, which is our abiding aim at the moment.
5. The DARRT-1 outcome, if repeated in DARRT–2/3, will be good enough to get us on the market, then people can play around with the form of RT.
6. People need to stop thinking that anything short of his response represents failure. That is rubbish. Tell that to Novartis, who paid US$6 billion for a technology that is no better than DARRT in its objectives.

Investors need to remember that people dying of cancer are looking for any treatment that extends life, providing that (a) that it doesn’t make them feel worse than they already feel (DARRT doesn’t), and (b) that they don’t have to mortgage their house to pay for treatment (DARRT will not).