Ann: 2023 Results webinar, page-96

Hi seanc,

I am leaning towards the partnering direction as apposed to licensing.

As per Hottod's post, by partnering we would be bringing capital in, in some shape or form. Large I would suggest, again getting a look at the FDA requirements for phase 3's with 2591 based on first 3 results is like a feasibility study based on how much capital needed and return on investment.

Could Neu bring in US$500m -$600m from partnering from the likes of examples HT provided, this pays for first 2 trials ready to go asap, having our cash on hand.

Neu has $250m on hand, $50m credit with Acadia for PRV and is looking at earning $150m this CY with revenue to increase significantly FY 25 & 26, the quickest I see phase 3's happening in PMS is end of this year or early 2025 with others to follow there after sos cash input would require to be injected over stages regardless.

The opportunity is x 5 that of 2566/Trofinitide, which now has likely global peak sales of US$1.5bn, 2591 x 5 is US$7.5bn as a starting point, so very attractive.

Blackstone whom supposedly was previously leaked to the media, have 84% phase 3 success rate and have brought 147 medicines to market in 17 different therapeutic areas.

I see this experience and option giving us the speed to market, keeping cash on hand and adding full value, actually in my view far better than handing 2591 asset to a Big Pharma.