Ann: Clinical Trial Supply Agreement with Merck KGaA and Pfizer, page-139

Well, that will teach me to head off to golf and switch the phone off! Good for my playing partners; not so flash when I miss an announcement of this importance.

Okay, so I just watched the Proactive Investor interview and boy, what a cracker it is. It lays to rest any lingering doubts about Imugene management's ability to cut a deal ... and here's why.

Lesley makes a big point - several times - about Merck's and Pfizer's investment in this study. She estimates it would have cost Imugene more than $AUD4 million to purchase the drugs. "It is a huge investment in the Company," she enthuses. "They were quite excited and exuberant." And here's the kicker: "It's a huge investment - in the future, honestly."

My ears pricked up at that and yours should too. Again, here's why.

When asked what success in Phase 2 would mean, Lesley said: "If there are early signs of response, it will move right into registration. As you can tell by the investment they've made it could easily be ran by both companies or maybe their company might take it over".

BANG! There it is. A potential buy-out of Herr-Vax. At least that's the way I read it.

Lesley goes on - again - to laud the investment Merck and Pfizer have made. It's rare, she says, for BP to provide their drugs free for such trials. She is thrilled and excited that Imugene has been singled out for the privilege.

So what else of note?

> The nature of the study means Imugene gets to give its drug to patients pre-surgery. We therefore get to see how Herr-Vax works on a biopsy of the tumor itself, a pretty rare event, it seems. We then dose after surgery and get to follow through to complete response - "no tumor".

> Recruitment is expected Q1 of 2022 - ie, within the next four months - and indications of success will follow "maybe within three months".

> Lastly - and Lesley is delightfully playful with her dance care references - she notes her "dance card is filling up" and today's partnership will be "one of hopefully many".

Promiscuous? Nah, just a bloody good dancer.

OOO