Ann: Postcard to Shareholders, page-12

Disagree with your last comment. Two major announcements likely by the end of March should mean this starts to move back up. Watched the NWR Small Caps Prezzo by Tom Duthy this morning and he admitted that there has been a delay in working out which Contract Manufacturer they are going to appoint and this has caused a few months delay in some of the next steps. As you say this has not helped the SP in recent months.

But the investing rationale for this company hasn't changed one iota. IMHO it's a no-brainer even at double the current price and at these recent levels I have been happy to sell other holdings in order to top up. If I had additional funds available I'd be buying more.

Where I do agree with you is that there has been a concerted effort by some players in the market to short and induce weak hands to sell. For me I see a healthy upside short to medium term from where the the SP is now and at some stage during the next 3 years or so - presumably after a successful P3 - I expect this firm to be bought out by one of the major pharmas - the people holding at that time will get a very pleasing return on their investment.