Ann: Commencement of Phase 1 Clinical Trial for SSAO Inhibitor, page-23

I see your point and hope that a partnering deal can be done- but only at a time and price that maximizes value to shareholders.

Perhaps we need to consider that PXS may be close to a deal for Bronchitol in the EU and have sufficient confidence of cash flow from that deal to progress SSAO and LOXL2 as far as they can.

Note that on approval from the FDA, PXS will get $25 million (in milestone payments) in addition to sales, so perhaps a similar quantum is being finalized for the EU deal where approval is already in place.

It would not surprise me if Chiesi is ultimately the partner in Europe, I would be equally unsurprised if Chiesi do a takeover of PXS similar to what they did with Cornerstone therapeutics in the USA- in a few big chunks.

Has anyone seen any change in substantial holder notices come through given all the trading in recent weeks? The answer is no. I would not be surprised if Chiesi appears as a significant shareholder on the register, either directly or through an intermediary. perhaps just waiting for the $A to fall further.