CR Shortfall, page-53

Wilsons - Oct 2020:

Management risk. Antisense has been a public company since 2000 with some advanced clinicalsuccess in development of ATL1102 for MS and ATL1103 for acromegaly. We note a somewhatmixed track record of R&D investment and strategy decisions regarding prior programs, andappreciate that a majority of the board and management have been with company for a decade or more. There are some strategic management risks if the existing administration are unable to delivera focused development plan in DMD with hopeful commercial outcomes for investors in the next 5-7years. Recent additions to the Antisense team including Dr Gil Price, for the purposes of supportinga focused DMD development effort, are reassuring.

Directions of prior advanced clinicalprograms have left some questions forinvestors.