Ann: Becoming a substantial holder, page-12

Too many factors to make an educated appraisal of buyout pre-Phase 2 or post Phase 2. But there are two key factors that make me hope that the BoD pursues the Phase 2, but I worry that JP and co will push for the vend after being burnt with the IIH setback.

Firstly, the TAM for moderate to severe TBI as mentioned in the TBI ODD release is US$2.5 Billion growing at 9% per annum. This is massive and when combined with the ODD greatly exceeds IIH opportunity.

The second is that TBI is a condition with huge national security implications. Every defence force in the world is looking for a drug that can protect their service personnel. If Presendin is successful in Phase II, the FDA and EMA will be pulling every lever to give them an expedited approval after requisite registration studies.

If the BoD sell pre-Phase 2, my guess is that it will be under $100 million, and effectively less than what Tatts paid at the last cap raise - $1.30. However, if Twiggy and the WA crew give their blessing to push through this Phase 2 and publish positive data(we already know the drug works in reducing ICP) then this will several hundred million if not close to a billion . That's when we can play with partnerships like Neuren, royalties, or decide to sell out to the highest bidder.