Ann: Study demonstrates Bene PPS is unique, page-14

Interesting thoughts on market comparisons and capital raising. IMO the hangover of potential cap raise must be having an influence. I hope management are in a stronger bargaining position this time around and don't have to take on a highly dilutive issue. In previous times also IMO biotechs were valued much higher at phase 3 - particularly where seems to be a plethora of good safety data and efficacy. I had a much higher value on PAR at this stage. CUV managed at least 2 cap raises at a premium during development so it can be done. NEU are a good example of where the price can go with the right partnering deal in a short space of time. Looking forward to recruiting number update, any MPS update, partnering and cash burn. GLTA