Ann: Chairman's Address to Shareholders AGM, page-5

I don't like the below statements.

'While treatments for cancer have improved over the past few decades and the pharmaceutical industry puts massive resources behind finding new treatments...'

This is just foreshadowing. They know, and we know, there are companies out there advancing their programs to treat cancers. Soon it won't matter where the cancer is in the body, these nano particles developed by other companies which only target the cancer cells will be the solution. No imaging technology is needed.

'The markets are large and opportunity to play a leading role in improving the way diseases like cancer are diagnosed and treated is directly in front of us.'

Again, the same thing.

'Although our first study has progressed more slowly than we would like, and it can be tempting to see the glass as half full, we view the interim results positively and believe we are on the right course and will be able to positively impact patient outcomes in the future.'

Yeah, only 5 people. It can be tempting to see the glass half full; can be, sure but it's not. You believe you are on the right course or are you on the right course? Which one is it? Do you believe or are you? When is the future? 5 years? 10 years? 15 years?