Ann: BodyGuard Collaboration Agreement Executed, page-182

I queried Glyn about he bodyguard partner and here is his reply just received:

"As you know, OBJ is increasingly constrained in what can be disclosed to the market in partnering opportunities and licensing information for the single reason that nobody wants their competitors to know any details so that they can embark on similar development programs. In the FMCG industry, unlike the pharmaceuticals, margins are smaller but volumes huge. So competition becomes a real issue.

We have tried very hard to allow the naming of partners in these draft announcements but there is a resounding negative to our requests in all cases.

However, as Bodyguard progresses and manufacturing trials get underway, the end commercial product is then realised and thence to distribution commences, we will be able to make a disclosure with the full support of our partner. But only then.

It is in everyone's real interest here that we accept our partners' positions and not jeopardize the excellent position we find ourselves in after many years of effort both for Bodyguard and the other licensing opportunities that have been outlined in recent times.

As they say in the annals, patience is a virtue. I am fully aware that everyone wants the details and we also want to make as much disclosure as possible and this will all come in time, but not yet.

But we are in good shape,

Glyn "