Ann: Trading Halt, page-350

The results were not so bad in respect to late stage DKD.. Actually I couldn't work out the correlation between the Phase IIa and IIb results and how such a good phase IIa turned so bad in Phase IIb. But it all became very clear on the call. It is a shame they didn't stick to that group in the Phase IIb study but expanded out. We would have had a very different outcome if they had. Anyway always easy to criticize in hindsight.

Issue for me and why I have reduced exposure is cash and time. I am personally making the assumption they will now need to do a DKD Phase IIb2 and they will need significant cash for FSGS and further DKD investigations. This will not be done at $1 or above (which I am sure was the plan for raising for FSGS if DKD had been successful) but will be done at a significantly lower price.

Second point is time.. My personal view is US elections are going to cause significant market volatility. This may present some good buying opportunities either here or in other bio's I like. I also think we will lose some time here now on analyzing DKD results, pushing COVID19 ARBS to try to get the price up for an FSGS raise.

My opinion only. Would like to get others opinions as I have seen anything in today's comments speculating about the next steps extensively. I can't imagine they are in a strong negotiating position with the partner right now.. HOWEVER, they will do further analysis in the coming weeks and this information may change that view.

As I said, I took some money off the table but have kept a chunk and will buy more sometime in the future.