Understanding Telix, page-1353

'We have been asked several times in recent weeks for our view of potential competition for Illuccix from Clarity who is developing a copper-based PSMA-targeting agent which requires 24 hours to localise for optimal imaging and potentially has the ability to discern small tumours. Our view is laid out on page 4 of this note from 19th august but in short: 1/ 24-hour interval from dosing to imaging is a disadvantage not an advantage vs. current options at 2-3 hours. 2/ No H2H trial that we know of with existing gents and existing agents at parity with NCCN guidelines 3/ Existing agents can detect small tumours too, per Novartis who had to re-plan a non-metastatic trial when scanning patients with Locametz / Illuccix made it obvious that some previously "metastatic" patients were actually metastatic, the difference being newly highlighted small tumours 4/ small/late players in the market have low single digit market share. Management also reminded investors today that 5/ 64CU has potential supply chain and use constraints.'