buyers building, page-34

Checkers

Two points of clarification:

1) Delaying until after IND approval from FDA and trial parameters are known resolves a couple of risk factors, but certainly does not eliminate risk totally. There remains the very substantial risk around a successful Phase III trial which one poster today has indicated might have an approx 20% probability of success.

2) Don't agree with your analysis that Orphan Drug status is a nice to have but not essential. PRR NEEDS the market exclusivity period that orphan status provides. The patent life just isn't long enough without it. That said, I FULLY EXPECT that they will get orphan status as ovarian cancer seems to fit squarely within the parameters and others have been awarded orphan designation in the space. However, I would not expect PRR to rerate on the back of Orphan designation as it is effectively a given and not itself a risk.

Cheers
Red.