Ann: PAR Appoints Business Development Consultant, page-200

Reading some of the well-informed posts on here, it seems apparent that PAR has been run like a private company, and never really transitioned fully to how a publicly listed company is expected to be run. Not in the sense that they have doesn't anything wrong in terms of ASX/ASIC requirements, but more in their single agile ship with a single captain at the helm approach.

For a long time, PR has been able to steer the ship, learn as they went, pivot when they needed to pivot and release what information they thought the market needed to know when they felt the market needed to know it. This is fine, when everything is going well. But when you have conversations with an authority like the FDA that are causing you to go back, make adjustments, spend more money, rule out issues (that single bloody rat) and change course when something isn't working, there is an expectation for 1). It to be handled with care and precision, and 2). for the strategy and path to be more well known from the get-go.

That's the difference between a startup like PAR, and a BP. They already know the pathways. They know all the hurdles. They know all the ins and outs and nuances of dealing with different regulatory authorities in different jurisdictions. Especially the kinds of costs that can appear, the kinds of roadblocks that can pop up, and the kinds of pushback to expect along the way.

As much as I think we can all agree that PR has not done a great job on the corporate side, I think this is purely because he never came to the realisation this was now a public company, and there were things he didn't know and couldn't do as well as he does the science side. You can't be the best at everything. In a public company, you have tens of thousands of more people expecting results, performance, and the company to be steered correctly. You cannot run it like a private company with 5 shareholders and a bunch of silent directors.

I think he has realised this, late, and at the cost of a lot of shareholder value, but that does not mean it's time for him to call it quits. He needs to surround himself with smart and corporate minded people like Scott Williams. We have gotten this far with PR, despite it being a rocky and long journey, we really are on the cusp of finally getting somewhere. There is now a solid chance the FDA will accept 2x2, which we know is good and works for at least (n=19). As Torpy has excellently explained above (I won't repeat his points).

We have a better understanding of the TGA/FDA paths forward now for the company. We've had success in the MPS VI trial, in that we met the primary endpoint of safety, and some marked improvement for patients who currently have very little in the way of non-opioid options to relieve their pain. Yes, we may need to do a P3 for MPS VI before a deal, but if we do, it will surely be after we lock down OA and have a deal with someone. If we can't get fully funded for a P3 for OA or a deal with someone, then MPS will be as dead in the water as OA, and all the other conditions they hope to help.

If the company can add independent board members in addition to Scott doing consulting, I think we really are in with a chance for this to finally turn around and head in the direction people have been waiting years for. The night is darkest just before the dawn. I am not writing this off yet, only wish I found out about it a year later, so I could buy all my shares at 37.5c.