Ann: Appendix 4C - quarterly , page-7

"The sole reason for the delay is that our advanced deal opportunities have been prolonged due to reorganisations implemented by the respective Pharma companies. These internal preoccupations of our prospective partners arose after we had set out guidance earlier in the year and, naturally, were not anticipated at that time, either by Phylogica or the specific individuals with whom we are negotiating.

Fortunately, all of these prospective partners are still in dialogue with us and we are now in a position to finalise our most advanced deal negotiations."

The above two paragraphs put my mind at ease, though they should have been released prior to 30 June!