Steini,It's not a question of how hard they work behind the...

Steini,

It's not a question of how hard they work behind the curtains.

At the moment, trial progress is the most price-sensitive information that IMU can report. Shareholders have a right to know and IMU has an obligation to report on price-sensitive information. I would classify reporting on the number of recruits in a trial as falling into that category.

IMU management and directors would be privy to such information. In fact here's a line from the Annual Report (page 10) confirming as much:

"During the year, management continued to monitor the enrolment and datacollection for the HER-Vaxx Phase 2 clinical trial."

IIMU management and directors are able to trade with such knowledge, the rest of us aren't. My view is that that's not fulfilling continuous disclosure obligations.

$4.

PS: This ended up being a killer at Sirtex. The company regularly reported on (1) clinical trial recruitment progress and (2) dose sales. They got lazy? greedy? devious? hubristic? and changed the reporting frequency from monthly to quarterly to half-yearly. The CEO Gilman Wong then traded shares with the knowledge of slower-than-expected dose sales growth which hadn't been reported to the market. He ended up with a "non-custodial 18 months in prison for insider trading".