Ann: Entitlement Offer Documents, page-4

In my opinion
1) Strategy right,
a) get a suite of assets in the space to make you attractive to future suitors.
b) develop those assets until they become very attractive. focus on most advanced first.
c) partner with emerging market leaders and key research sites with opinion leaders.
d) Radiopharm is a hot sector right now with a lot of activity.
2) Timing terrible.
a) Healthcare stocks are in a depressed state across the board but especially small cap.
b) Raising money right now is tough
3) Execution terrible.
a) Too ambitious on timelines. They are aggressive but need to keep that aggression internally and give more realistic external timelines
b) Unlucky delays due to external factors, government bureaucracy etc
c) Need to communicate more to the market.

They need to get through the next 9 months and get results out and then a re-rate should occur.