MST valuation of RAC, page-60

The report has been worked on since October last year before we released the Three Pillars update. The strategy update pushed back the release and then we ran into the Christmas/New Year period delaying things even further.

I will disagree on Pillar 1 having no value. We do know that bisantrene targets FTO very potently (142nM) and we do know from mouse studies (in vivo) that it can kill a range of different cancers (AML, breast and glioblastomas) at very low concentrations. We even know that bisantrene works in melanoma and kidney cancer patients from the old Phase I trials. This information has real value.

There is risk that all this FTO work won’t translate into the clinic, but the probability of success is not 0. The difficulty is estimating what the probability currently is, but I don’t think you can discount it completely.