Ann: Trading Halt, page-21

Linsanity, I think you have misread my post, which was about the last CR, not this one.

My post was meant to be in response to the two previous posts which suggested that the RP11 program hadn’t been completed using funds from the last CR because money was diverted into working on additional programs.

I saw this as incorrect.

I pointed out that the actual stated drug development objectives of the last CR were:

(1) to advance the RP11 program through to market (it hasn’t even started Phase 1 dosing).

(2) to conduct IND-enabling studies for PYC-001 (the diabetic retinopathy program which was then dropped).

(3) to conduct IND-enabling studies for VP-002 ( the then ADOA program which has now become PYC-001. IND-enabling studies still not completed).

(4) to develop a CNS drug (done- a drug for CNS has been added to the pipeline).

That the company has been shockingly off-target in meeting these stated objectives is a statement of fact.

That the company should provide an explanation as to why they were so off-target is, I believe, a justifiable opinion.

I anticipated a cap raise this month and I’m not shocked, upset or speaking from anger.

However, I do believe that if a listed company is provided $55m funding to meet specific objectives, a clear explanation should be provided if those objectives aren’t met.