Institutional investors very rarely buy on market to establish a...

Institutional investors very rarely buy on market to establish a position in a biotech here in Australia. Race hasn't done a conventional raise for many years now so there has not been an opportunity for institutional investors to enter via the usual heavily discounted capital raise process.

This is only anecdotal, but Pete and my conversations with institutional investors over the last 6 months have been much more engaging than in the past. Partly this is due to the increasing optimism around biotechs, but partly it is due the the Race opportunity becoming more concrete as we accomplish each step in the journey. All heading in the right direction.