I'll have to re-read the 4c ...I thought Phase 1 XanaHES was...

I'll have to re-read the 4c ...I thought Phase 1 XanaHES was already underway and due to complete mid CY2019 which has now been updated to end of June as per latest ann.

It's only a safety study but if it passes that then phase 2 is likely to proceed, will just need a cap raise.

Perhaps a better entry point is after that cap raise. Or if you still believe in Xanamem you'd likely see a small bounce on the back of the safety study results, then sell and then re-enter after cap raise has settled. Could also get another bounce on the commencement of phase 2 but that is quite some time away - if it ever happens.