Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-2

The open study is still recruiting new patients by invitation. ATH, perhaps, has had difficulties finding enough cases or they want to get more than 15 patients. So the final open study results will be ready much later than the randomized study results. So the 6-month results are important predictors of the randomized study. If ATH434 works in these more difficult cases, it will work in the less severe cases of the randomized study. In animal studies, positive changes have been seen in 3 months in all important parameters: iron reduction in the brain, alpha-synuclein reduction, and improvement of motoric skills. In June there also will be a few cases with 12-month follow-ups (perhaps 3 patients) and some more 9-month follow-ups. So the trend, if positive, will be seen, IMO.

With these June results ATH needs to find more money during the autumn. Big pharma deal or M Fox Foundation for PD phase 3 study are my predictions.