Ann: PharmAust Partners with Berry Consultants for MND Phase 2/3, page-31

Great to have the Spark Valuation to give us some baseline figures.

I see any valuation as being a fluid object. Perhaps if the valuation was to be released after the top line data from Phase ! and the granting of ODD and other near term events, then we might be looking at launching the projections off a higher base to give us a different endpoint valuation.

And the assumption of MPL only capturing 10% of the addressable market seems a bit light on to me, especially if we become the new standard of care.

But it is informative to view the factors involved in a valuation.