Ann: Updated Strategy and Investor Presentation, page-391

I have a list a mile long of clinical trials I think Race should run, but we only have a limited amount of capital and therefore we have to make some hard choices. EMD AML remains a very promising indication, but before committing major funds to it would be wise to ensure that we have built the clinical support needed to make any EMD trial a success.

The important mistakes that were made at Race were not the ones that everyone seems to concentrate on. The really large mistake was not putting the resources into the development of RC220 and cardioprotection much earlier. Both of these programs received tiny-to-no funding for years after they should have been our primary focus. Race would be in a very different situation right now if the funding\ had been allocated.

The major mistake made with EMD AML was not ending it sooner. This was another battle I lost. The only positive out of all this is lessons were learnt and the board and management have changed.