going intracellular, page-8

The key strengths that Phylogica can build on are:
1) The vast scope and application of Phylomer peptides; and
2) The skills and innovation of a dedicated lab.

The first point means that Phylogica will be able to participate in every biologics or small molecule "fashion trend" over the next few decades. Where big pharma want to spend money ... Phylogica will be able to pitch solutions.

The second point means that the research is fresh, active and world class. This translates to maintaining the currency of the patent portfolio, extending the portfolio and keeping up with technical developments.

On these two points ... we have proven value.

From the investment point of view - we need to see appropriate monetisation of these "asset values". This is the current business challenge ...