Ann: Paradigm to Present at Evercore ISI HealthCONx Conference, page-166

Nice to see they've replied to someone at least.

Sad as it is to say, this has now developed into a monumental stuff-up by Paul.

According to the above they haven't yet had feedback from the FDA but have just taken it upon themselves to double their forecasted, previously-announced-to-the-market anticipated timeframes for the Phase III trials from 18 to 36 months. This isn't just padding for potential delays, it's double the forecasted timeframe. Something catalysed this. They can't just gaslight people and pretend it's immaterial, or that an obscure late night Zoom interview was an appropriate way to provide this new wisdom to shareholders.

The market has reacted. Questions are now raised on funding, and on the strategy laid out nary a fortnight ago to see out one of the Phase III trials before engaging with a distribution partner, on the thesis that this was the way to maximise leverage for such a deal, and once-enjoyed security of a major shareholder's holding being escrowed until the cusp of Phase III readout. All of this has been thrown now into doubt in the most amateurish and unnecessary fashion, which has invited share price weakness and doubts on the reliability of information provided in PAR announcements.

Whilst holding on to our long-term investment theses in the listco, we need to be careful not to become mere apologists for such an unacceptable standard of shareholder communication. This was material information arrived at in mystery and divulged unprofessionally. The market clearly agrees.