reply from martin rogers re dubai release, page-25

Thank you kindly for sharing this correspondence with us GregNZ, big TU to both you and MR.

Many points made by MR further highlighted how undervalued Prima remains today.

"The US is different to the Europe and often drugs are approved in Europe but are not approved in US and vice a versa... also remember that regulatory approvals are not the be and endall of if a drug works or is appropriate, it is only a guide of science that each legal jurisdiction makes on its best judgement."

I also believe it's worth noting on this point, as mentioned yesterday, when the FDA approval for "Provenge" was initially not granted in 2007, Dendreons sp fell from $19 to a low of $6.11. Using the comparable MC of each company this would give Prima a sp of 88c, and yet even more favorable to Prima is the fact that "Provenge" was not at that time seeking regulatory approval in any other jurisdictions.

As posted first thing this morning ProActive now have a strong buy signal on Dendreon advising investors that they expect the sp to continue its northerly ascent towards a target of $50 this (US) summer and further predict a triple digit sp within the next few years. A $50 sp for DNDN this year will allow us to assume a fair MC comparable sp for PRR of $7.23 in approx 3 years from now (subject to achieving milestones of course).

There are also many other value adds for Prima which could allow one to set an even higher 3-4 year target price.

Where I continue to feel Prima is becoming more de-risked by the day is their determined strategy for hiring very experienced experts within each specialized area to ensure the smoothest path of progression for ultimately the successful global commercialization of CVac...

Dr Neil Frazer (our Chief Medical Guru - Former Glaxo, 25 years drug development experience including 10 FDA approvals)

Dr Sharron Gargosky (SVP CVac Program - 3 previous successful Orphan Drug approvals with FDA

Prof Ian Frazer (scientific advisory team - co-inventor of Merck/CSL's cervical cancer vaccine, Gardasil and Australian of the Year in 2006)

Mr Matt Lehman (COO - Has experience in execution of over 100 clinical trials

Mr Ian Bangs (CFO - experienced with international bluechip listings and reporting standards)

Dr Jonathan Berek & Dr Heidi Gray will also be involved in phaselll clinical trials for CVac - Both were also involved in phaselll clinical trials for Provenge.

A very impressive line-up to name but only a few and of course never forgetting our main man at the helm, Mr.MR ;)