Email from Lodge Partners, page-4

Sean, the bottomline is that they know nothing more about the progress in any of the several current trials using the various DDRNAi constructs than we do. So, in the absence of robust data, all Lodge can really do is try to assess market sentiment which as we know at the moment is strongly negative and base the target price on that... no real surprise there.

Of more concern to me is the possibility that we end up with a 'third-rate' CEO. I say that because I would imagine candidates will be given a most positive assessment of the current trials and future potential. offered an attractive salary package and not being able to attract and secure a 'top-class' operator will unnerve me!