Ann: SPP Results and Placement, page-42

Well done PTX in getting the raise over the line, the timing so soon after the annual report was released with the "all good here" capital position comments, and then into the headwinds of a falling market, both made it harder but they got there comfortably with a bit of an extension.

I didn't take up the SPP but I think the extension was possibly the best executed aspect of the CR, firstly, to get past the $8m target and give the market/investors some confidence, and secondly, to give time for SI's to nudge the company for a higher allocation which whilst marginal compared to the overall raise, it wasn't at a further discount and not hugely more dilutive than the retail SPP. Basically SI's were paying market price by the time they got around to them (give or take a pip or two).

Presuming no news over next fortnight or so, and the market stays at this level, it will probably be pushing the proverbial uphill to see any sustained rise in the SP beyond $0.20 level, as there will be pip trades to take profits from the SPP which is fair enough. If its pushed under the SPP that downward momentum may see some "rebalancing" in shareholder holdings (don't think it will as volumes daily suggest no catalyst to collapse or rise). I am still at HOLD but will buy if it does tank under $0.175.

Now as a shareholder I hope (expect) to see some notices of change in holdings of Directors or substantial holders that the right people were taking up the SPP in full or more. And then its time to start signing some deals, if we have what we say we have, then these should be very close to coming to fruition and not just playing around in other's labs burning through the extra cash on the balance sheet. With the hype on CellPryme being pushed out to the market/pharmas I will be worried if we are still our only customer by Xmas.