Ann: Starpharma signs new DEP partnership with Chase Sun, page-9

Chinese companies are really little different to other large corporations and particularly pharmaceutical firms. Remember GlaxoSmithKline (British) which licensed Biota's flue drug then buried it allowing Roche's Tamiflu to take the market.

This at least is a contract to undertake paid research, which is what we do well. And with the opportunity for licensing if we come up with something the customer wants to progress to market. As I see it, the only business risk here is a credit risk and that not a big risk at all. Chase will have the ability to see some of the chemistry behind our product but so have others like AstraZeneca.