Ann: Appendix 4C and Quarterly Activity Report, page-5

With what appears to be a substantial possibility of a significant capital injection for AN1 this year from Roquefort (discussed on the “Roquefort/Lyramid postings” thread) this would not seem to be the time for HNG to be pushing for share-diluting M&A activity with AN1. Particularly since they effectively hold about 20% of AN1 themselves.

The recent announcements by ROQ concern pre-clinical sub-licensing progress regarding big-pharma and now the demonstrated safety of 2 antibodies. This is combined with the statement a few months ago that they hope to be in a position for at least one sub-licensing agreement this year.

Each antibody is stated today as relating to both lung and breast cancer and today’s ’tweet’ states that “both programs will now progress rapidly into in vivo pre-clinical efficacy testing”. So there is the possibility of more than one agreement.

I am sure the HGN representation on the AN1 Board are well aware of this.

If we see any significant M&A activity with AN1 this year it would be fair to assume that it must be seen by the Board as having very substantial advantageous benefits.

poorinvestor