Clario’s eCOA innovations with Cogstate’s expertise in neuroscience to yield high quality endpoints, page-3

Could not disagree with you more on your assessment of valuation, the stock in my view is super-cheap and over the next 3 year will generate very substantial free cash flow. We will get an update from CGS in a few days, so if I am right that should calm the nerves of a few buyers and sellers.

However, you may well be right that we need to drop a bit more before we go up. It is not my base case but it certainly a possibility. Clearly the market is not favourable at the moment and I think the shareholder structure of Cogstate additionally works against it in this type of environment. The free float is small and we have attracted a good number of investors who may well have had liquidity issues and have needed to sell what they can and not necessarily what they wanted to. The focus going forward for management should be on a more institutional type of investors rather than the PI or micro-cap specialists. Still a happy shareholder and I have been adding a few extra here and there on big down days.