Bio report, page-40

Thanks for picking me up on my flawed logic and obviously biased and unreasonable views, Playez.

To recap, I believed that there was pharma interest in licensing the TPM oxymorphone patch and I was not overly concerned by the fact that there hasn't yet been a licence deal announced. My view was based on the fact that both the CEO and CSO stated at the AGM in late May that there was continuing interest in the patch from multiple pharmas. My view was also influenced by expert guidance that it takes somewhere between 9 months to 2 years to get a pharma signature on a licencing deal and my calculation that it is less than 8 months since the announcement of the trial data on which negotiations will be based. Furthermore, because I trust Harry Rosen's intelligence and integrity, I naturally assumed that he would respect both pharma confidentiality and ASX listing requirements.

In contrast, you concluded that no feedback from a scientific meeting which was held in the US on May1 signifies that pharma is either underwhelmed by POH's trial data or overwhelmed by the asking price. Whichever, you interpreted the perceived “ominous silence” as suggestive of no pharma interest and no forthcoming deal. Using your logic, the CEO and CSO must have been deceiving shareholders by stating at the AGM in late May that there was ongoing pharma interest. What’s more, according to your thought processes, it’s Simon Marais who decides what Harry Rosen can or can’t disclose to the market, and if there really was an interested party, Rosen would have confided that to Marais, who would have insisted Rosen announce that to the market…

Your thinking is so darkly disturbing that, logically, you would no longer hold in this company…except that you do.

( BTW Playez, don't be too upset by lack of feedback from 2014 PainWeek as it's not being held until September. You probably confused it with The American Pain Society’s Annual Scientific Meeting, which was held in April/May. But I suspect that getting factual details correct doesn't count for much in your world).