Ann: EMD AML MDS Trial Expands to Europe, page-93

While I agree with your assessment of Aus Market mis pricing Biotechs- There are a few catalysts which can work in our favour-
1. Historical data of efficacy and safety
2. cardio protection and FTO blockbuster potential ( don’t think small biotechs in ASX have this level of potential on their pipeline)
3. Market doesn’t understand any of this currently, but that could change anytime with external validation of partnership or RAC starting the trial in any of FTO or Cardioprotection.
4. It will be important to note the management’s intention of selling the company after P2 results or P3. If it wants to sell after P2, then market might like to take its position once the trial starts, as the clock would start ticking then. This is why strategy in Q3 is important, which should provide guidance on the commercialisation.