naive, page-22

correct dingaling.

the option offer is there to entice acl holders to participate in the spp rather than simply buy shares on market. kind of an insurance incase the sp tanks to 24c or below.

we will be the majority holders in the spin off and i would expect we will hold more than 50% since we have paid for the p1, p2 and p3 trials.

but the oncology company will need additional capital (for day to day living coasts and any additional trials) and that will come from new investors. i assume ACL Oncology will go through an IPO to raise this capital.

what will be interesting will be how they value ACL Oncology, though we may not get indication of this until the split sometime in 1h 2012. but we understand from pete there is a lot of interest in HyAct. we also know the various analyst reports value it at 200m. this is going to be very interesting and i am looking forward to seeing the details tomorrow.

and the dynamics of the Oncology company will change if there is evidence from the p3 trial that HA-Iri kills cancer stem cells.