PYC - General Discussion, page-324

Hi FHC,

PYC announced 9am on the morning of Thu 16th May, that dosing of cohort #4, (RP11), had been completed. It would be fairly safe to assume they knew by end of the previous day, Wednesday 15th May, which prompted the subsequent announcement.

Moving forward six weeks from there brings us to an approximate expectancy date to hear from the Safety Review Committee, I conclude that we hit that six week mark this coming Wednesday, which is 26th June. Let's hope so, however which way we slice and dice it, it shouldn't be not much longer till we know the results definitively.

Additionally, if we can replicate improvement of perimetry vision as reported from a patient from cohort #3, across the 3 'stratified' patients enrolled in cohort #4, then that will be very exciting indeed. Once again, let's hope so.

On another front, I believe we are due in Q2, (only a week to go before Q2 ends), for the result covering Non GLP tox testing for PKD. This study is designed to inform progression to human trials in Q1 2025. To achieve a good result in this indication would be a terrific milestone.

PKD in itself as a rare disease, is virtually the largest drug candidate we can pursue in terms of cases per 1000 head of population and be within the threshold of a rare disease status. It therefore has the potential to attract $10B per annum in revenue with a fully completed registrational trial.

Given the attractive market potential for PKD I don't rule out that we could have interested parties on the sidelines waiting for more data. In principal, a potential partner would be keen to know two things, is it safe and does it work. We already have had some early data from a diseased human kidney, from a transplant patient, which supports conviction that our treatment for PKD has a very good chance to be efficacious. Would a good result for Non GLP tox study for PKD, put us a step closer to a potential BD transaction of some kind?