The Sanofi Deal, page-14

wdp - just a point on Berlin Pharma.

if we were not locked in to the paying of the administrator here SUD would no longer exist.

You may recall out funding opportunities had dried up and with the size of the claim against Suda being greater than any CR could have met we only had one choice and that was to negotiate a smaller settlement around accept this or we go under and you get nothing.

As annoying or unfortunate as it is, it is simply a price that has had to be paid just to survive.

In truth, if the ASX really had shareholders best interests in mind we would have landed a deal that was well above our size and the share price would be multiples of the current level and all would be happy. Ironically it was exactly because of this punching above our weight that the ASX said no.

That was only made a possibility by the contacts PH and hard work of MB and it is prudent that we all acknowledge and remember this as it shows just what is possible.

Clyde