about to run, page-155

re: ready to fly. Yeti man - the granting of the patent is important but the value add is in understanding why it is important.

Merck & BioMira are developing another MUC1 based cancer vaccine which is going into Phase III trials and has been fast tracked by Health Canada (and possibly will be by the FDA - there is conflicting stories on this one). Prima's ex-vivo dendretic cell therapy has been optioned to BioMira with a large Milestone and double digit royalty agreement which has 2 parts to it - BioMira can elect just North America and pay for half the development or the whole world and pay for all of it. Prima being granted the European patent confirms its IP over Merck's home patch in Europe and given Merck is willing to fund the BLP-25 Phase III we are all expecting BioMira to get them involved in Prima's technology as well so Europe is important. At the phase I level Prima's MUC1 treatment outstripped BLP-25's results with a response in 100% of patients vrs about 40-60% for BLP-25. Prima also had 2 out of 10 patients still alive and being treated more than 2 years after th trial finished despite it being a late stage safety trial only designed to test safety in humans - not efficacy.
For a little company like PRR it is very important to have the IP on this water tight - the relation with BioMira is as good as you could hope (BioMira is that keen on the exvivo approach they are considering adding an autoelect part to their option) but you never know how your 'friends' are going to behave when big money is involved - in this treatment it could very easily be a legal crapfight given the high royalty rate PRR has achieved.

For those who doubt BioMira's geniuine interest - they took a 10% stake and a board position in CancerVac - Prima's subsidiary that owns the technology.

June/July is the start of Prima's story - I know you and TT and a few of the troops would love it to be sooner, faster, higher but at least we are moving out onto the runway now - and the beauty of PRR is it is the market cap of a Cessna so lift off can be swift and it can climb very quickly as opposed to some of the 747's in the market.

Not $1 or $1.50 or $5 although in years to come I would definately not rule out the possibility with the technology they have but 20-25c is pretty easy over the next 6 months and 30-40c by the first half of next year quite likely - after that many things will have to go right for the big numbers to come through. In the meantime a move back to a reasonable value for what they have developed is on the cards and that is somewhere in the 20-40c area.