Ann: New agreement allows Nasodine launch in Philippines, page-10

First, thanks @Earth Angel. Your comments about Hizon and SV More are spot on.
When SV More launch Nasodine, supported by large-scale pharmacy distribution and doctor advocacy in a population of 119 million, this opportunity alone could be a massive value creator for FRE, regardless of what we achieve in any other country.

I was asked a question by email by a shareholder today and want to share it and my response:

Q. I like how you have clearly stated the difference between this and the Singapore arrangement. It's nice to have an example of a royalty-only model where we don't have to get involved in manufacture etc. On that note, I'm interested in what we are actually licensing - is it the use of our patents, or some 'secrets' about the formulation, or the use of our data to obtain local regulators approval? What barriers are there for other companies in other countries doing the same thing without our involvement ?

A. We are licensing the trademark, patents (all three patent families are useful in the Philippines), trade secrets – including manufacturing method and marketing strategy – and access to our technical dossier, including thousands of references. In general, we are seeking a 12% royalty and that has been the basis for all agreements to date; in the Philippines agreement, we are receiving approximately the equivalent of that, but paid as a fixed ‘fee’ on each sale.
The main barrier to entry for competition, apart from our patents, is the fact that Nasodine is the only PVP-I nasal spray supported by a full regulatory dossier as a nasal antiseptic, proven safety in 6 human clinical trials and multiple peer-reviewed publications.

Regards to all followers.
PM