Ann: Positive PDCO opinion and A$20m Placement, page-73

what are the chances Sarepta is in?.. @arjay

We got about everything on our wish list albeit the licencing agreement still seems elusive. Elusive or in the shadows! What are the chances Sarepta is in could equally be rephrased what are the chances Roche is in? Lets look at the significant market opportunity that ANP highlighted on slide 16.

The point is made in the presentation that ATL1102 has potential for multiple clinical applications. The point is also made, again in the presentation, that Roche acquired exclusive non-US rights for SRP-9001 for US$1.15B upfront plus US$1.7B milestone plus royalties. We generally look at the Roche-Sarepta licensing agreement from the point of view of Sarepta whereas it actually makes more sense upside down. Roche would be the perfect partner not only in DMD but in new potential disease settings including diabetic, respiratory and age-related diseases for which ANP were recently granted new provisional patents. That's on top of MS and other disease indications for which ANP hold existing patents.

Its true that Roche would be a little gun-shy about its dalliance with gene therapy and RNA therapeutics. Firstly, results for SRP-9001 have been underwhelming and secondly, its phase 3 clinical trial of tominersen in Huntington's Disease was halted early. Just to recap tominersen is an ASO that was in-licensed from Ionis.

Undoubtedly, Roche and Ionis are both hoping for a win. Somehow the old expression of killing two birds with one stone seems apt.