Ann: Shareholder Update , page-11

BioE: Yes you did have a good rant. But you missed having a good rant about the following sections of the newsletter that Tony seemed to find important:

The encouraging progress of the Janssen collaboration, together with the successful findings from our relationship with Roche on cell-penetrating peptides targeting the blood-brain barrier, suggest that Phylomers can be used to target specific types of cell and deliver large biological payloads across cell membranes. These conjugates have broad application in many disease areas such as cancer and other indications with a high unmet medical need.

There is enormous potential value in this area of emerging interest to the pharmaceutical industry, which is why we are evolving our discovery platform with new technologies to optimise the screening of our libraries to identify cell-specific peptides that can penetrate cell membranes.
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SoT