Hi again, HC, I did not get the impression at all that other...

Hi again,

HC, I did not get the impression at all that other deals had been rejected. However, I still remember when they had the large Capital issue to o/s funds, they arranged 4 or 5 funds to stump up $32m (???) without any leakage at all. So I doubt we would know if there were any. I got the impression that they meant it when they said they are just getting more data and when results come out in mid-2017 it will hopefully be too good for anyone to ignore. They are in no rush, and that may well be in our long term interest.

Re cap raisings, it was a topic discussed for some time. $42m at present, and cash burn of $7m (cannot remember amount) so no immediate need for funds. The requirement to add 10% to the amount allowed to be raised I got the impression is not unusual for bio's. Again, I very much believed them when they said they only want the money in case there is some un-missable requirement for funds or similar (maybe unmissable potential new shareholder - although they did not say this).

There was some questions about the possibility of going thru Phase 3 solo. As might be expected, they would not rule it, or anything else, in or out. However, I did get the impression the chance of VLA taking on a phase 3 trial is much less than sale (or hybrid deal where we are paid licensing fee, and have Pharma pay for Ph3.

Wisey, I am not sure the wild-type of virus offered any great incentive, although their was an 'Ethical Investments' company on the share register, wasn't there? Agree with everything else you say though about dose rates, safety etc.