janssen, page-3

I think that is great news if it goes to a license but also going back to NW / PW presentations last year when they outlined the size of payments I did find his previous use of "SIGNIFICANT" payments at point of license being reached lower than what I would of expected given the constant emphasis on the word "SIGNIFICANT" many times prior to actually translating that to dollars. Don't get me wrong they are great as is any revenue for a company of this size but just for reference using NW's generalized figures in Perth last year.

>> "around $2M for doing the screen - 12 to 18 months" (which we've seen or a bit under the figure & longer in duration)

>> "hand to partner for assessmet" - #0.05 / $1M" which we have seen in a few cases.

>> "Exercise of Commercial License $2M" - still waiting, but lower than I would of expected ??

>> "Couple of million if the put it in a animal for toxicity study or the like"


>> "Phase I $5M"

>> "Phase II $10M"

>> "Phase III $20M"

>> "Above figures are pretty much standard across all our deals but we focus on pushing up the size of milestones" - which again we have seen but with milestone agreements always top heavy we really need to see candidate go right through to market to get the chunky part of those milestones.

March 2012 Broker Briefing