Possibly a new direction?, page-20

I think the deal with Acadia provides more positives than it does negatives to a potential acquirer. If they want NNZ-2591, they will make it happen. This is far from a complicated deal and acquisitions have occurred that are far more complicated. (For example - companies that have multiple sub-companies, debt issues, balance sheets with inconsistencies). Our deal with Acadia is simple for a BP with an entire department of lawyers who do this stuff regularly.

Neuren and Acadia have a good relationship, and it makes sense that a potential acquirer would want to maintain that good faith. There are so many indications in this space which have no approved treatments. It is a competitive industry but we're working in a small corner of the market where the mechanisms and relationships between these conditions are not fully understood.

I think 'the market' would prefer a takeover (for share price appreciation), but Neuren going further on their own is certainly possible, but the payday will take longer to eventuate, but it is likely to be much larger. If Neuren went to go out on record tomorrow saying they want to go it alone I think our SP may take a bit, but I don't think that is likely. I trust Jon to make the right call and explore all options and everything he has said to date backs this up. I feel that his comments about "getting the treatment into hands of patients as quickly as possible" is crucial.

Here are some outcomes:

I think option 1 & 2 are the ones being considered by the board. Act like you're doing #2, even if #1 is your preferred outcome. Option 3 is a wild card, and I don't think it is likely. There are no incentives to keep a great AU/NZ business here, but that's the reality of the world we live in

1. Neuren sells to the highest bidder
2. Neuren progresses to Phase 3 trials - open to a sale, but retains ownership and only licenses distribution (sales and marketing)
3. Neuren has ambitions to build a long term business where it sells the drug(s) with its own staff, invest in pipeline in other areas

We're in an incredibly strong financial position and we have many funding options that other 'clinical stage' biotechs simply don't have access to. As shareholders any funding that isn't substantially dilutive is a large win to our returns. Jon has shown he respects shareholder funds much more than your average biotech or medtech ASX CEO so I know he will do the right thing.