Ann: Headline Clinical Trial Results , page-13

After reading the announcement again, I think it raises more questions than it answers.

Most importantly, I'm not left any clearer as to the significance of the results. Are they in line with expectations? Where is a comment from one of the many medical experts we have on the Board that puts these results in context? The only comment we have is from Stephen Jones, who is not a medical expert. Other companies usually have an accompanying presentation to explain the significance of the announcement. Is there going to be a presentation here?

Second, why was the announcement was made today, and not on 8th August, when they said they would? If you want to catch the market by surprise, then you're likely to get a surprise result, and we did.

Finally, that last line about finding a 'transaction specific advisor', just made me wonder why they hadn't done that already. The results may be a surprise (I don't know), but the timing of the results have been anticipated for a long time. Does CBio management anticipate (plan) at all, or just react?