i'm impressed, page-14

Unfortunately work commitments prevented me from attending, so I'll be hoping to hear from any HC members who were there, about the important "tea and bikkie" discussions after the meeting.

I watched the webcast and my key takeaways were:

The company is now entering the phase where data drives everything. Managing the trials from here is the most crucial factor. Matt L has the experience for this and is the right guy to drive the co at this stage. He's a technocrat and could use a little seasoning in the "presentation arts" but thats my only criticism.

Sharon G was brilliant. The best job I've ever seen of explaining the clinical process and methodology in laymans terms.

Neil Fraser is so typically Scottish. Ascerbic and calls a spade a shovel. Highly credible in my view and if he exudes confidence, I'm comforted.

Dubai. Was explained very well at the meeting, I wish they'd done a better job of explaining the reasoning in the ASX release to allay concerns about it in the wider market. The whole thing was overamped on HC with expectations of significant revenues, which I did not expect as MR had stressed several times that it was a "Pilot Commercialization" program. It has to be said that many here did not heed that and blew it up in their own minds.

O.C. Market: 2010 figures for the remission group in the major markets was around 33,000 persons. Extrapolating that with a conservative 10% penetration rate is 3,300 per year. Use a conservative price point for Cvac of $70,000 and you're looking at revenue of roughly $230,000,000 per annum annum.

Partnering opportunities: Yes they've had discussions with other interested parties, but it's clear the longer we keep 100% of the IP and market potential on our balance sheet, the better the outcome for shareholders in the long run.

Cheers
Kbear