Ann: Phase IIb Canine Trial Identifies Therapeutic Window for MPL, page-49

good morning Buckie and Captain Vibes.
Commercial transition of research is what we are all here for and without any doubt there have been some setbacks and delays. Elanco not exercising first rights being the pinnacle of that. But overall, research is all about hypotheses & testing and if results were so predictable then maybe the testing would not be required... If this business had unrestrained influence and untethered budget, maybe we would be at a different junction on our journey.

However, I look forward as the past is just that. I also take context into account and TBH it is a bit ridiculous to ignore the fact that there is still a global pandemic underway - I do appreciate that it doesn’t feel that bad here in AU (because it isn’t) so it is hard to relate to the challenges and consequences elsewhere.

The market is not always rational and if I felt like it I could easily drive the share price up or down significantly and with a relatively small amount of cash - just do some line wiping fast. That said, I am generally happy with my holding albeit I have bought more recently and still have a bid in play. ... why pay more if someone wants to sell low.

to the point of commercial transaction, the big kickers in the last few days have been:
- Optimal dose effectively resolved. This is extremely significant. Phase III will commence with a major objective potentially resolved.
- Onboard of an industry specialist to take the vet cancer opportunity to market and work a deal. (Note I stated just cancer, as the virus aspect might be separated for further PAA research)
- India manufacturing, at this stage, are on track.

On the last one, I have a team of workers in India and the daily rate of them on sick leave has gone through the roof OR they are taking compassionate leave to cater for family emergencies. I personally can’t reasonably expect no delays even if they are on track today.

I have no intention of trying to change your views or opinions, however share where I see differences in perspective that may have been undervalued.

I do also feel there is a significant difference between up ramping and simply stating someone is happy with the information. Just like you have expressed your displeasure with progress, I don’t see it as you down ramping and hence the discussion. There is (nearly) always at least a bit of truth in every view point.

Adreamer