EMD Research, page-31

some real questions Dave, keep them coming.

1) see my comments over on the BOT side, I think they have cash in the bank to potentially get out maybe another 2a+2b+phase 3 if they are lucky. or they will go with the 2a+2b raise again or see what options are about. I assume Vince will be asking the question around boxes that need to be ticked for things like going after that contract money as an option. Given they have the cash best to wait and be valued more and be in a better position again. You take/look at deals as they are offered. - they have not disclosed any talks from memory.

2) I'm not sure I would call this low sale, I was happy with the goal of launching into the market and making $ and they did both tick tick. I pulled up TGA approval data under an FOI request and for 'sleep' conditions and number of approvals, I'm please with the market capture vs approvals. and in such a short few weeks really. Over the last month, we have seen an increased call from the FDA for data. and how RWD and covid have changed the data landscape going forward. EMD really is the only company (alongside ZLD) that has the RWD and the correct system to capture the data. I've started to get pretty bullish on EMD position, having a clinical base one would argue gives a bigger upside into your continuous improvement framework. When we look at psychedelics and our work with mindmed Australia and FDA decision soon the clinical side is even more key. and again touch on our recent announcement. Remember that ZLD is getting this RWD. and its agreements with EMD will be top-notch.

3) EMD One thing that I think has also been undervalued by the market both for EMD and ZLD is that EMD ticked off a trial remotely. This data is fantastic data that can be used by the tga/fda for approval. and yes they can do it all through their clinics etc and use their app to help them. - a pretty low cost of running trials. - EMD by the sounds of it could really start pumping them out. I think they still need to do the phases but via their clinic's numbers and cost would be largely nothing additional maybe? because it's largely just the same but in a controlled trial over the RWD