Ann: Presentation: Phase 2 study of SNT-5505 in myelofibrosis, page-54

This list is definitely not exhaustive but a few things to consider.

Pros:

• Lowest risk option - transfers much of the funding requirement to the partnering entity and SNT would receive milestone payments, etc. Neuren is a good example of how this can play out.
• Larger partners generally bring more experience, etc.
• Would allow SNT to focus more energy on other drugs in its pipeline.

Cons:

• The company loses control of the rights to the drug and likely the potential to close a significantly larger deal down the track if the trial is successful.
• If the applications for the drug are broad then there's potentially significantly more value for the company to unlock by going it alone.

I personally would not like to see a partnership at this point as I think there's a lot more value to be unlocked for shareholders down the track. However, I'll trust management to make the right decision on this.