Ann: Ceasing to be a substantial holder, page-22

I don't think you can class "active research" as competition in the market place.

We all know there is just one direct competitor for the market we are targeting. And that competitor has a less effective, more issue prone, and far more costly product.

In two years time what do you think Polynovo's market penetration will be? What will its revenue be? It would be pretty hard for any "new" product to compete without being far better.

And hence, I think your statement "operate in a hugely competitive market" is incorrect.

That is the point I am making.

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