Benitec doesn’t have an IPO story, page-8

amc, in simple terms, for TT-034 to be effective a significant number of vectors need to copy their payload into every liver cell. The lower doses were not designed to do this. The means that any reporting of viral levels would be completely misleading and unreliable as an indication as to what may happen with higher levels of dosing. This being the case, management has been prudent in not releasing any data that has been collected. It is also highly possible that, in these lower dosing levels, the results have varied dramatically among patients, thus further compounding the difficulty in interpreting the results.

The first real indication of efficacy will be the combined results from all the patients in cohort three. These results may not show a complete and sustained viral load reduction, but they should give an inkling as to what to expect in cohorts 4 and 5.