Ann: ResApp Enrols First Patient in SMARTCOUGH-C-2 Study, page-14

"we now have a world class institute managing" — we had this in the first try as well. The error wasn't in choosing a bad CRO, it was in choosing a CRO with the wrong background and not realising that the difference is important.

"updated algorithms" — they're not updated. The application has a better user interface, and some added validation features to ensure that the collected data is of usable quality. But the algorithm is the same.


On a broader note, I don't expect the current pip to hold. This announcement doesn't really alter the risk profile. There was never any significant risk that the trials wouldn't begin. I believe that significant reduction in risk will be perceived from:

1) release of some good double-blind results, and
2) the first Smartcough-C-2 update if they can release good data quality monitoring results.

I would expect significant and sustained re-rates from each of these events.