Hi ForrestI imagine you're pretty satisfied with your profit...

Hi Forrest

I imagine you're pretty satisfied with your profit given you were in it from the beginning. But I sense that like me you think EGX had a much bigger future and this merger deal is only stalling progress.

The PTD fall in share price has effectively wiped roughly $25 million off this deal - I doubt at these levels EGX shareholders would approve the merger because they'd be selling themselves short.

If it's inevitable for EGX to be bought out then the best way for this to happen is through a cash takeover from a large pharma. GSK would be an obvious choice as EGX already has a successful licensing agreement with them and no doubt GSK are keen to see what else they can develop out of EGX technology.

That said, PTD also have a GSK partnership. Maybe by combining the two it becomes an easier package for GSK to aquire.

But like you I'm happy to take profits now. There will be an opportunity to buy shares in 'Newco' at a later stage probably at a better price than through the merger.

Merger aside, EGX should be announcing details about a second CSL deal and optimisation of EGX-150 and EGX-220 this quarter.