re: announcement of adr ipo, page-14

I agree that extra cash would be a good thing but I would prefer to get it from a rich pharma paying hundreds of millions of dollars for a share in one of our programs than by getting tens of millions through issuing more shares. Both approaches provide cash, one produces a share price increase and the other keeps it stable at best. A big pharma partnership would also increase the credibility of Benitec and ddRNAi.

With regard to Tribetarna, this is a program that was supposed to go into the clinic in 2012. I am not saying that progress is not being made but, given the history, I think an update is well overdue. I also think we should know what has happened to the $3M, especially as the last announcement referred to a different CRO to the one to which the money was paid.