Ann: Appendix 4C - quarterly , page-17

Rob

May be I should explain better.

ANP could go it alone up to Phase 2a (probably the most important as FDA major concern is the Toxicology and safety)

Once the Phase 2a data is positive, (generally will be if Phase 1 is successful and based on other Antisense trials)

After that, a partnering and licensing deal will be rewuired to bring it through Phase 2b and Phase 3.

So there is absolutely incorrect to post that ANP will go it alone and to raise fund for Phase 2 and 3.

Don't forget ATL1103 for Acromegaly has a $500m/annum sales market for ANP