New GSK partnership with Adaptimmune, page-29

Thanks S

Certainly very interesting. Their SP chart since 2002 looks horrific - and it would take me more reading to understand how and why they have fallen so far. They certainly look cheap now - but maybe they were just massively over valued to begin with?

I assume this comes down to market perceptions of the potential and timeframe for successful Antisense therapies. I'm thinking back in 2002 expectations of effectiveness and time to market were high. In 2016 expectations of both are very low. Quite possibly ANP has been over sold though - market disappointment can spread and become self-reinforcing, pushing a SP far lower than the facts justify. (I think that's partly what happened with IMU, which is viewed negatively due to past failures as a VET sciences biotech).

ANP has an interesting set of target projects. I would need to do a lot more reading to form a view on this one. I think it comes down to the likelihood of Antisense therapy success - and I just don't know nearly enough about that.

It's an interesting comparison with IMU, at 4.1c a share compared to IMU sitting at 1 cent again. I'm still inclined to buy more IMU rather than enter ANP - but that's mainly because I haven't done the research t understand ANP.

I might dig around some more - so thanks again. And hey - good luck with it!

Best wishes

Dave