Latest Email from Leslie (11 Feb 2020 @ 9am), page-25

There's a lot of speculation on this forum about what the price rise may look like if, and it's a huge 'if', our Phase II results are positive. No one can predict the future, but let me tell you about another biotech company, British Biotech, some years ago that, in Phase I trials, obtained amazing results with its anti-pancreatic cancer drug, 'marimastat'. I was lucky enough to be a shareholder when, around the year 1995, with British Biotech capitalised maybe only twice as much as IMU is today, it announced its Phase II results - also positive - and within just months the market cap had shot up to over £19 billion. Marimastat never eventually made it to the market, and the share price later collapsed but, looking back, many UK share analysts will still call it the share of the decade. Search 'British Biotech' online and you'll find lots of information. BBT had only one drug against only one type of cancer; IMU has multiple products against multiple cancers. Let's face it, everyone, finding a cure for cancer is the Holy Grail of medical research - the final frontier. Yes, the vast majority of companies fall the the Phase II hurdle but, thinking back to the British Biotech story, the potential upside is enormous.