The path to 60 cents per shareWe see a number of catalysts...

The path to 60 cents per share

We see a number of catalysts emerging to drive a re-rating of PRR stock:

1) Recognition of the near-term nature of the story. With PRR looking to enter a Phase III trial in the near future we believe sentiment on the stock will improve as investors realise that part of the earlier-stage risk has been taken out.

2) Progress on recruitment to the trial. As new patients are recruited into the IIb trial as well as the European Phase III trial we expect that confidence will build regarding PRR meeting its timelines for completion.

3) Public awareness of ovarian cancer. As a disease specific to women with a relatively low five-year survival rate, ovarian cancer and prospective treatments for it attracts media attention from time to time. This may help
focus public attention on the prospects for CVac?s clinical success.

4) Patent grants and Orphan Drug Designation. We see future patent grants as increasing the comfort level on the validity of PRR?s technology. Orphan Drug Designation will also provide 7 year exclusivity in US and 10 years in
Australia, New Zealand, Japan and Europe.