state of play, page-6

Thanks for the feedback

Tooluck - I'd call med-long term 3-5+ years and I agree that PC has not managed things well at all in the last 5 years. However, my feeling from talking to Jim Fox is that he has plotted a change in course (with the general philosophy change of controlling their own destiny) since he joined around two years ago. I'd imagine things didn't change the minute he arrived, but in that time, we've seen no LANI licensee appointed even though this was earmarked to happen by PC around that time. In hindsight, having secured the BARDA grant, I'd say having not secured a LANI licensee before this time was a blessing in disguise and might well have been a by-product of this philosophy change.

My feel is that the big picture is no longer (just) being plotted by PC.

If it wasn't for the low share price, I'd say that most holders (if they were Long Termers) would be pretty happy at the moment, in anticipation of the next 2 big triggers.

Again, I think we've got to accept that there is a fair amount of planning going on behind the scenes in relation to Nasdaq. There is not too much news that is going to come out of the company between now and then apart from BTA-798 Phase IIb results and perhaps some Relenza stockpile sales.

If we get no indicators/sense of a Nasdaq move in the next 9-12 months, we could again lay valid claims of poor investor relations, but with an AGM coming up at the end of November, I sense there could be some major news announced around then.