PAR. SP, page-61

It's always alarming when you get to these levels at the stage of development. Given where some in the sector have gone (see recent posted chart -include SPL, IXC along with MSB etc), no wonder some are selling and there is not as big interest in the sector (especially early stage) IMO. PAR has the money for 2-3 quarters but I hope they realise they need to conserve spending at this point where possible. There will be news this quarter but we know they were keen to get a partnership with MPS but results won't be there till end of year and with critical discussions early next year with the FDA, it would be wise to wait IMO. October quarterly will give more clarity on the cash position. It's a great entry for newbies but there's no real hurry at this point. Wider market is shaky at best given where China is right now. Absolutely there is a question over leadership regarding duel roles and this was to be resolved by now according to the speech at the AGM. It's a big task with the number of patients and geographic distribution. Safety and efficacy still the key and they seem on track. GLTA