Ann: Appendix 4C - quarterly, page-73

IMO In another 2 years I see a company with a phase 3 HSV and phase 2 in HPV and possibly another phase 1b in something else, a revenue that hopefully will be positive. All this for todays market cap of < 120M. Yes i think there will be more cap raises but i think the team want to go as far as they can by themselves before a partner. Every week we progress past completion of phase 2 the upfront from a pharma must be larger. I think i recall the professor saying he was wanting to develop something from lab to bedside. ( i hope i recall correctly). I wonder how close to the bedside can we get by ourselves. This was always going to be a long play.