Ann: COVID-19 Trial Program to Commence in Europe, page-3

However, the opportunity to conduct a study in Eastern Europe has led to the decision to carve out the
dose-escalation and dose-expansion arms of the proposed U.S. study in order to generate the all-
important safety and early proof-of-principle efficacy data (based on biomarkers and clinical signals) in
what the Company believes will be a far more timely and cost-effective manner than would have been
possible in the U.S. The Company anticipates that it should be possible to commence a trial in Eastern
Europe an estimated 4-5 months earlier than in the U.S.; per patient costs in the U.S. are estimated at 4-
5 times that in Eastern Europe.