Good morning, I think there were a few key messages in the...

Good morning,

I think there were a few key messages in the quarterly.

1- The biotech sector is on the nose in the current climate.

2- PTX-100 is currently the company priority, the bulk of our resources will be directed at this project in the near future. The possibility of a registrational trial being granted next year by the FDA is a genuine possibility but regardless, patience will still need to be exercised.

3- PTX-200 is likely to be shelved, however one more patient for more data is desired and minimal company resources ie. capital will be directed towards this project for the foreseeable future.

4. OmniCAR will be optimized where possible, but the push to clinical trials will be delayed until market conditions improve. It's a Ferrari of a project but the expenses are prohibitive, it will be a capital intensive trial that's best delayed until capital can be raised at a higher market cap. It's a sector wide problem.

5. CellPryme portfolio is looking promising, however expectations should remain tempered whilst commercial opportunities are further explored with potential partners.

Investing in biotech vs trading it should always be done with an expectation that it's a long hold, often requiring 5-10 years to see projects developed and possibly longer.

I think Steven said everything that needed to be said in the quarterly, one doesn't necessarily need to read between the lines too much.

Markets are in the dumps, I'm absolutely in favor of implementing austerity measures to a degree. I too would be shelving PTX-200 and OmniCAR in the current environment, I would rather see these projects go into hibernation for a few years vs risking our skins on moving to trail and attempting to raise cash at these prices. It's a lose/lose scenario because if you successfully raise funds your diluting the company beyond repair and if you don't raise the funds we end up in administration and it's game/set/match for the entirety of our investments.

I've a lot of money tied up in PTX, if I have to be patient so be it. I want to see fat trimmed including unnecessary wages and appointments if there are any. I want to see that $18m preserved until market conditions improve and this may be a number of years.

It's a rough game but it's the reality of the sector, we can accept it or live in denial.

But it's not all doom and gloom, putting OmniCAR into the garage is a strategic move and not a reflection of the IP.

More importantly PTX-100 data has been amazing and is looking to pay dividends for shareholders in the near, medium and long term.

In summary, I'm generally happy with Stevens positions given the current climate and we are still well funded.