Ann: Quarterly Update and Appendix 4C, page-38

Great ideas Sam, I recall your sentiment now.
While considering your analogy about the farm and not acreage, I would think that its suits the bigger end of town given they prefer that position and can indeed afford it. But the low-mid end of town may not have the same luxuries or desires. I was going to put this out there a while back but got a bit busy and let it go but I after a lot of research and consideration, I am leaning towards the lower end of town as my preference for the most path for ANP for all the same reasons we have already discussed.
The Roches/Sareptas just don't provide the best marriage here IMO. I know that isn't what some people want to hear but give it a chance.
- It reduces the chance of low price takeover. A board simply can't dismiss the bird in the hand so to speak, but many shareholders would feel that although its a premium to the current SP, it's still way underpriced on the potential.
- It retains control and ownership of the potential other diseases 1102 may be able to treat and the potential income from those.

I'm beginning to think that your hopes of rights splitting may be right on the money. Personally, I think Ionis might be that candidate. Their current links with ANP, their current MC and cash on hand and the fact 1102 was theirs to begin with, brings a passion and personalisation of the goals. Ionis would be a able to champion 1102 to the FDA given its their backyard and ANP can continue in Europe given they listed there recently.

Also, after reading more about Sarepta, I have become skeptical of their ethics with respect to the last failure. This drug is about helping humans that need it and I feel they really fell way short, but knew they would.

Anyway, I feel I'm not articulating this as well as I feel it, but I hope there's something in there to discuss. As always Sam, thanks for the quality dialogue.