Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-26

spoke to simon

the 'close out' costs have inflated the costs for Q4 which will not be replicated in q1-q2. By closing out in q4 they have more data to be able to go to the FDA with re 2 x 2 and BT etc i believe. The issue is clearly that even assuming they are sure on their forecasts and they get their R+D, they dont have a lot of cash by end June

Paul has publicly stated a regional deal by H1... sadly here i think almost everything rests on that.

They will soon i hope confirm 2 x 2. Let's hope they try for any get breakthrough. Let's hope they get an MPS deal. But ultimately they need a china deal to get the shares to 65c to exercise the options to finish the trials without further funding.

MPS - see the reason for the delay. I wish they said this earlier but the reason for the delay is nothing untoward i believe.