depth, page-13

Let me add that although it is impossible to know with certainty when or even if the BARDA grant will come through (we're dealing with the US government here, after all) I do know that there are continuing contacts as the BARDA review process proceeds.

If the grant is made, it will be important to the company for three reasons:

1. It will be a huge vote of confidence in the PolySorb product; a validation of the science that the market will have to take note of.

2. It would fund most of the human trials required to get FDA approval to use the BTM technology for use in burn treatment. These trials are not needed in order to bet approval to use BTM in the US in other than burn treatments, but burn treatment is the major intended use, and this requires human trials beyond those required by the FDA for marketing permission under 510 k).

3. Even though the funds are earmarked to specific use, i.e. development of the BTM for use in mass burn events, the grant will fill the coffers.

I hope this perspective helps.