Ann: ATL1102 DMD Paediatric Investigation Plan submitted to EMA, page-28

Great analysis Sam.. thanks for all your input.

Tonight in the US, the FDA will make a decision whether or not to approve Sarepta’s 3rd Exon Skipping drug.

This could be big for ANP. If the FDA knocks it back, it will mean that 100% of Sarepta’s revenue, which comes from the other 2 approved exon skipping drugs, is at risk. Sarepta have not proven clinical benefit of those 2 drugs and were hoping the Gene Therapy results would make proving clinical benefit redundant.

If they do not approve the third, or just give it conditional approval, Sarepta need to do something big. Really big... and soon.

Also, i would think the boffins at Roche would be pretty peeved at being sold a dummy by Sarepta so may want to cut ties there and show them a lesson.

How the BoD for ANP position the first new indication will give us a clear insight to their strategy. If they keep it ‘in house’ and take it forward alone, I view that as positioning ANP for a full takeover. If they do it with a partner, they will partner up other trials going forward and try to stay an independent listed company.

We wait.