+ + data and comments + +, page-17

re: + + phase ii, nsclc trial + + Thanks Mitch.

Extract:

"Assuming further success in Phase II trials we would value the potential cash flows that PI-88 could generate for PGL at around A$100m in a year's time.

PGL's manufacturing facility again very roughly could be worth around $12m while the rest of the drug development portfolio we would fairly arbitrarily value at another $10m. This takes us to a value of $122m or a little over $3.00 per share.

Further successful development of PI-88 could treble this value over the next two to three years.

Conclusion

As at 2nd December PGL had $16m in cash, enough to fund at least 18 months of operation. As a speculative stock PGL is attractive at current prices. The evidence to date is very promising both in terms of the drug's safety profile and in terms of efficacy. The quality of management is another strong plus".