Ann: Shareholder Newsletter, page-20

Read this for the first timeand key takes are..

CG has obviously taken full control

One of the long holder has communicated with CG regarding every possible concern on HC by the holders and every aspect has been covered by CG which is fantastic

ND leaving the company like MD has been a shock especially her leading us all the way here. May be CG thinks she is not the right person...who knows...

Plenty of new names so obvious her experience tells her she needs right people to drive this and hence they are in..

Such a detailed letter tells me she has done her research in this field in the last 2 years and ready to this drug further...again the confidence in past work / results..

Enough info about AF ...yes he is on board and doing his best....Clearly Pharmas need results from this trial ...They will open the cheque book after this. Nothing untill then...and who wants $20-$30m deal..not even worth discussing..

We knew it but this one letter shows us the the level she works on...

Cleaning is in process with MD gone and looks like ND has been shown the door too...GT ?? who knows..but she is happy with AF and new CD Dr AM.....

I see some negatives in terms of enrolment delays etc but looks like she is already addressing them in case with new sites and countries...

Apart from that what a fantastic love letter for the holders...

We need to thank her for the update...

Glh