King is King, page-12

Hi Hoofa

David King & associates have a large hold, Martin holds a very large chink of the options, Graeme either fronts up with non-monetary motives (or maybe a CSL, MSB or other underlying industry link(s)) and Maria is there to do a job. A lot has been written about whether or not CEOs should be pushed into large holdings or whether they should (be permitted to) stay at arms length. CEOs are sometimes more risk averse than early stage shareholders or perhaps they prefer a more diversified portfolio approach. Sometimes a level of CEO risk aversity is desirable for a micro biotech. In any case Maria holds more than I do and we see significant milestone progress in preparation for the therapeutic oncology trial prior to the appointment of a clinical trial director. Maria is responsible for sticking a lot of irons in the fire.

From where I sit all looks good .... with a proviso that nobody in the company can control third party diagnostic pipeline progress .... which in any case looks reasonable for the moment.

Will they buy more? I don't really know and at an unemotional investment level it shouldn't matter. All that should matter (for me) is milestone progress and continued revenue growth.

Preliminary final will be due soon.

cheers