AGM, page-30

What in the opinion of yourself -and others is the viability of VLA going it alone? Zip, zilch, nada, none. Not gonna happen. Monotherapy evidence supports the combination clinical and business case only.

dragging their feet to allow possible competition to catch -up as it were etc etc I have commented extensively on this oft-held but, imho, utterly delusional perspective.

If CVA21 could assist (say) Yervoy in moving from the very real position of an also-ran in the I/O space (running at a bit more than half of analysts 2013 estimates), into a rejuvenated therapy, that could easily be worth an additional $500m/year in sales within a year or 2. It seems logical the imperative is when, not how much.

To think there would be some conspiracy and market manipulation in play to slow down the uptake of CVA21 in a Yervoy combo (say) so competitors would catch up and somehow force the price down (by what a couple hundred $m?) defeats logic and all commercial sensibility.

I refer you to the case of Unilife OK, Unilife was a me-too wannabe in a crowded space run by an individual known to have a 'colourful past' (HC TOU prevent me from offering my real opinion). I pity investors caught out there, but there isn't much comparison to VLA, IMO.