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

Unbelievable quarter. I was expecting cash neutral.
The costs of running this phase 2 trial are extremely low.
Progress with the FDA on all indications is impressive - fast tracking. The FDA clearly can see that ARG 007 and ARG 006 meet urgent unaddressed medical needs. Brilliant strategy to run with ARG 006 on HIE as that will be eligible for the Rare Pediatric Disease (RPD) Priority Review Voucher (PRV) ( worth $100 mil) where as ARG 007 is not eligible due to the current first use trial on stroke.

Argenica’s Clinical Research Organisation partner has
confirmed topline data will be provided within weeks of the final 90 day follow up of last
patient dosed. So last dosing late March early April. Release of top line data end of July/early August.

Aproaching the final stretch and we have $15 mil in the bank. Seems plenty to see us through to the Phase 2 reading of results.
From my observations with management I get the strong impression that a big pharma partner will be funding Phase 3 - there just waiting on Phase 2 results. Maybe we will get a deal beforehand as after may be too late - first mover advantage.

Management have done an incredible job getting to this stage.