benitec/calimmune sydney presentation, page-7

I attended the presentation and am a long term BLT holder.

The IND is completed and is in process of conversion into the digital format required for lodgement. That process will be completed by Xmas. There is a 30 day query period. If no queries (or after last query satisfied) the trials can commence, so Feb is a fair bet.

The first results will be approx 6 - 8 weeks after treatment. Trial patients will be treated sequentially. Immediately there is evidence that the HCV cure works it will be announced. The Company told the meeting that this would be deemed price sensitive info. I expect such an announcement most likely early in the second half of 2014. It may be earlier.

The Company said emphatically that they do not intend to make and market any resulting drug! I got the impression that once there is data to prove the IP works the Board will be more interested in a Gillead type deal (see slide 16 of AGM presentation) - Good news.

Trial results HIV/AIDS can be expected in similar time frame.

Lung Cancer will take a bit longer.

Assume issued capital (incl opts) 100 m shares
Current market cap @ 55c $55m (ridiculous !)
If only value HCV, offer at $1 bn
That is, shares at $10 each.

These maths are simple, but the evidence of the value of other recent deals is there. I am an simple investor, and this is how I see it -
2014 will be a seminal year for BLT. It will prove (or not) it's IP works. It will then become a must have by big pharma. It will be a VERY exciting year. By end '14 either we will have our 'drop dead money' or another one didn't work. my view - I bought more shares.

gelzsl