Ann: Ellex Sales Trading Update, page-21

Hey DBrent15, great research, and apologise with using the word hype - don't think that was the right word to use. I think the right word I was looking for was along the line "game-changer".

I believe sales of iTrack will continue to grow due to the MIGS market growth as mentioned by you earlier. But at this current time, I don't think it'll take a huge market share like iStent, but a 5% market share is still pretty good. The main reason for it is amongst the ophthalmologists, the ones that I could see using it are the glaucoma specialists and not all these glaucoma specialists will use iTrack over iStent due to the added complexity of the procedure. In addition, I haven't come across any studies that show iTrack is superior to iStent and vice versa. Because iStent has been around longer, plus the surgery is easier to perform, I believe many eye specialist will use iStent as the prefer MIGS therapy at this current time unless new shows studies strongly suggest iTrack is far superior to iStent. Also, there is a risk that a better MIGS can come to the market in the future which could take away market share for iTrack. Bear in mind, many eye specialist practices evidence-based treatments - meaning they won't change their treatment paradigm unless there's strong evidence to adopt newer treatments.

Furthermore, the current 1st-line therapy for glaucoma is SLT or glaucoma drops which are generally can be administered by a general ophthalmologist. Any complicated glaucoma cases will then refer onto a glaucoma specialist. I know some general ophthalmologist uses MIGS but that's a very small minority.

That being said, the treatment paradigm for glaucoma could change in the next decade, depending on whether longitudinal studies can prove MIGS is superior to drops and SLT. The benefit I will be looking for is to see whether the eye pressure can remain low for a long period of time (this is where SLT fails in many cases), which allows the patient to avoid using drops for the rest of their lives. But at the mean time, I wouldn't bet on it.

Overall that is my opinion only. Also, I quite like Ellex Medical as a company but I wouldn't put all my hopes on iTrack to dominate the market. As mentioned previously, I believe the biggest potential is 2RT as this is a definite game changer if clinical studies can prove it to be an effective treatment for dry AMD.

Cheers