Fair value, page-39

Hindmost, you don't have to be sorry for disagreeing with me. We are all entitled to our opinions. However, no one has answered the question as to what is "efficacy"? What will constitute efficacy such that these deals you mention will come rolling in? If, after cohort three, the company announced a 15% reduction in viral load after 28 days would that constitute efficacy? If not, then what?

What if, at the end of the trial, the company announced that the results showed that TT-034 needed some refinements before 98+% of viral load reduction would be achieved? How long would investors be prepared to wait? Where would we get the capital to continue a new trial?

Calimmune has recently raised $15M but it is not going to use the capital to start a Plll trial for Cal-1. Instead, the company is going to fund four Pl/ll trials. I wonder why that is?

Tribetarna is more than 12 months away from being the next proof of concept, which is some time after the company says it will release data on TT-034 efficacy.

We all want Benitec to be successful but there are significant risks and my point is that simply relying on TT-034 being a cure for HCV is not the best way to mitigate these risks. If TT-034 fails to ignite investor/partner interest, what then?