prophetic article, page-28

Hi CB,

My view of what has been going on at Avexa seems to be different from most others.

I sold my Avexa shares pretty much as soon as I received them from the demerger.

I believe that most of the apparent contradictions from Avexa management are the result of having a drug they desperately wanted/needed to partner after 2b trials, no interested partners and the desire to keep the project moving forward.

In my view ATC should have been canned when no partner could be found after the 2b trials (all of the reasons Avexa cited for killing ATC have been circulating since the 2b study was finished with the exception of the size of the 800mg pill).

Anyway, what you ended up with was the company talking up the prospects of the drug (irresponsibly in my view)to get enough cash to move forward, while furiously trying to find a way forward that would actually work, when it became clear after the 2b trials that nobody wanted the drug. Hence, why the strategy appeared to be unclear and continuously changing.

I will eat my shorts if they have left any stone unturned to find a way through to approval.

Having said that, I do understand shareholders' desire to check the current board's work.

Bob