Neuren Media and Analyst Coverage, page-11

Thanks Hottod.

In my opinion - Acadia will be loathe to make a single payment to Neuren because each payment enhances the standing of our balance sheet, emboldens the NEU shareholders, draws media attention and is likely to enhance the share price, which is clearly not in Acadia's best interests. Each payment they shoot themselves in the foot essentially if a TO is their objective. I believe it is or will be.

I'll go out on a limb and say that an offer will come just prior to, or at the time of the NDA filing (if that is the trigger for the first payment). Therefore, those ROW rights need to be negotiated and completed prior to that in my view.

NNZ 2591 - well, we may see the outcome of those Trials, but whether we have a stake at that point is arguable.