re: ann: shareholder update , page-11

re: ann: shareholder update In the shareholder update Dr Craven states:

"at the doses tested XToll has exhibited good tolerability and safety but, so far, insufficient efficacy in the treatment of rheumatoid arthritis. To suggest that a higher dose may be equally well tolerated and show good efficacy is a scientifically unsubstantiated speculation. The effects at higher doses, particularly over 12 weeks of treatment are unknown"

Well that's not exactly encouraging, am I missing something?
Does this concern any shareholders?