Ann: Half Year Report and Accounts (including Appendix 4D), page-245

Very quickly SusannB before I do something more productive.

Market forces can create a recklessness in drug development. Shareholders love their micro-cap biotech company moving into P3 where the rubber hits the road.

Very different incentives can exist between small companies and big pharma.

In big pharma the aim is to fail as quickly and as cheaply as possible. Because pursuing things into P3 and failing makes a big dent in the profit line.

For little pharma there is no profit bottom line. You just raise more money from shareholders; admittedly at lower prices the longer things go on for.