Ann: PD1-Vaxx Presentation at ESMO Congress 2021 Annual Meeting, page-71

Hi Guys - I am not saying it is a subjective test only that this case taken to its extreme it could become that way if we only look at what the actual investor in the stock would reasonably believe. It’s is an objective reasonable person test but I was seeking to distinguish the two. Not sure I agree on it being used as authority in the manner suggested as it did deal with a different fact situation as you note PDS - being a point of omission rather than actual disclosure. But we all have our views.
I am sure we will watch disclosure issues particularly with recent amendments with interest as the bar is raised even higher on corporate compliance. More difficult for shareholders to bring an action now.
Putting that to one side it will be interesting to see how disclosures on IMU trials progress. I agree that if the last PD1-Vaxx announcement continues in the same vein it is heartening. Let’s hope it remains positive for all therapies.