Hey RYNZN…..we don’t haveenough coal to waste on those...

Hey RYNZN…..we don’t haveenough coal to waste on those old-fashioned loco’s….Europe is really desperatefor electricity. Same for China. It’s the damned wind’s fault – not blowinghard enough - and those crazy governments who shut down nearly all their coalfired power stations and are now scrambling to recommission them.

So, for ANP, with EAP finalapproval due about 21^st Oct and then quickly communicated to us, andwith ANP working in the background to finalise funding for more than 30 sitesto collect patients for the trial, they will have to soon answer the obvious question “how are you going to pay for all this?”

ANP has been talking with anumber of possible partners for perhaps a year – the MD mentioned fielding enquiries morethan six months ago – so ANP should now have everything ready and just needs to ‘inkthe paper’ once the EAP approval arrives. Alternatively, an initial CR is still a possibility, but would have to be actioned quickly. The trial can commence and be funded for a few months from existing cash resources until the CR receipts are available. An issue against going alone, with several later cap raisings, is that we don’t have the staffing resources to conduct a major study – but such trials can be contracted out to specialists with plenty of experience. The advantage is that we still retain absolute control and shouldn’t run into as many conflicts in the manner, priorities and timing of trial implementation and completion.

The partnership model may givea faster start and could be modelled similarly to the Neuren deal where theyreceived a large upfront payment plus milestones and royalties with its USpartner spending the hundreds of millions on trials in return for IP and marketingrights to the North American market. We could use upfronts to finance theother prospects in our discovery pipeline.

Whichever funding approach isemployed, it seems that the Board will have to divulge its plans in the nextmonth…..