Panno speaks on recent changes, page-26

Hi Blane, most small molecule drugs fail to get through the clinical trial process but there is no doubt that small molecule drugs are, and continue to be, very effective for many indications. Even if TT-034 was ineffective, there is no reason to believe that all ddRNAi drug would be the same.

I realize that if TT-034 was proven to be ineffective, it would be very difficult to sell the technology but not impossible - especially if we know the cause of the ineffectiveness and we can eliminate it from current designs. The fact the we now have two HBV candidates in pre-clinical development indicates that we have learnt something and are making modifications accordingly. The fact that we have been trialing more modern vectors also tells us something. So, while the TT-034 news is important, the pre-clinical HBV data could still hold the key to the share price and pharma participation.