excel conversion of prro options, page-3

Afternoon all.

1. I don't usually comment on SP related issues, but I absolutely agree with Salusnauta's view of the attractiveness of the PRRO options.

Based on the almost 1.2 billion shares on issue as of Friday’s announcement, full take up of the PRRO's would total just under 300 million with an immediate return to the company of about $6m.

In addition there are 47.5 million unlisted options with an average strike around 20 cents. 32.5 million of the unlisted options, with a strike of 20 cents expire on December 6th 2013. Presumably these are held by directors or senior staff who would be sweating on the November data to determine whether they finish in the money, (with a further potential $6.5million to the company if they do).

And most importantly, if the PRRO's get over the line, they could potentially return another $60 million, which would go a long way to funding Canvas to completion and extension of the three additional phase 2 trials.

So given positive 2b data, the PRRO's, while having inherent risk, imo offer the leverage potential for good returns and the possibility if exercised of providing company making funding as well.

(But if you bought the fully paids now, you'd be nearly 200% in front if the PRRO's get to 22cents. Swings and roundabouts I guess.)

Either way, everything depends on trial data now imo. DYOR

2.Participants in the 2b trial continue to give indications of trial progress.

http://www.inspire.com/groups/ovarian-cancer-national-alliance/discussion/cvac-trial-participants/

I admire the involvement of the ladies in both arms of the trial and wish them all well.

3. It doesn't appear in the company calendar, but PRR are presenting at a conference in New York next Thursday, May 30th.

http://marcumllp.com/MicroCap/agenda

This would provide an opportunity to announce the new trials or they might wait to coincide with the higher impact ASCO conference a day or two later.

4. Despite the lead up indicators of 'up to $2million', in my experience it's very uncommon for the directors of a small cap stock to stump up a million of their hard earned. I can only interpret this as a pretty clear signal from those in the know.

Good luck all. Herro