The ART123 note says it has demonstrated efficacy in a...

The ART123 note says it has demonstrated efficacy in a pre-clinical MODEL - not a preclinical trial. I think this might be the source of confusion.

In other words, this stuff works on animals, but has not yet been tested on humans - that begins with the clinical safety trial.

It's a good announcement, as they now have another drug candidate to push through the process.

Trading in AAH has been difficult lately. I was very surprised with the fall after the EGX takeover - seems like a good fit for me. Perhaps they overpaid a little though.

I'm expecting not much to happen with the share price until they have a MAJOR announcement - e.g. a commercialisation deal, or a completion of Phase II trials. It will probably be a good idea to sell on any spike, as it will likely drift lower again afterwards. Very disappointing really.