Timetable - Update 2, page-35

Nice work as always Mozz, thanks for posting.

couple of points and thoughts:

Pre Ind occurred on the 19th of Feb (US time) and PAR were happy with it.

Every company will always say they are happy with a meeting like this, but the result was a much larger study required, had to sell a chunk of the company very cheaply to fund it, at the MD Paul Rennie sold off 20% of his shares post meeting. Agree it is great to have clarity on the path forward, but the meeting didn't really unfold in an absolutely ideal way from PAR's perspective or shareholders imo.

Paul Rennie MD selling shares

Just curious how much weight do you give this? I think most holders will agree he's done a great job, put a lot of his own money in and deserves a cash out, but it is interesting to consider the timings how how it played out.

Seven months ago he was buying shares @ $2.92 (197,355 @ $2.92 = $578,250 14th of Nov2019)
Now post FDA meeting he sells down 20% (4,131,568 @$2.29 = $9,502,606 5th of May 2020)

So seven months ago, he's buying shares in a meaningful way, we get clarity on FDA pathway in April, and then he sells down 20% the following month. I'm not trying to be negative but an outsider looking in would a least consider this. I don't have an opinion either way but I think the question is this sell down a call option on the FDA approval difficulties or is the timing purely coincidental?


Additional SAS results though not sure if this will move the needle at all

I personally would give this a little more weight, new data on 100 SAS patients expected Q3 CY 2020, market will salivate to see this I think, these data points help build conviction, important to build this body of data using the primary and secondary endpoints for proposed phase 3 trials (reduced WOMAC pain from baseline and improved Patient Global Impression of Change (PGIC) at week 8). I think this could be the start of quite quite a bit of momentum for the company leading into the TGA submission in Q4 assuming the data is good of course and there's no reason to believe it wouldn't be.

Well done to all holders, fantastic run recently, hoping it continues.