'We have been asked several times in recent weeks for our view...

'We have been asked several times in recent weeks for our view of potential competition for Illuccix from Clarity who is developing a copper-based PSMA-targeting agent which requires 24 hours to localise for optimal imaging and potentially has the ability to discern small tumours. Our view is laid out on page 4 of this note from 19th august but in short: 1/ 24-hour interval from dosing to imaging is a disadvantage not an advantage vs. current options at 2-3 hours. 2/ No H2H trial that we know of with existing gents and existing agents at parity with NCCN guidelines 3/ Existing agents can detect small tumours too, per Novartis who had to re-plan a non-metastatic trial when scanning patients with Locametz / Illuccix made it obvious that some previously "metastatic" patients were actually metastatic, the difference being newly highlighted small tumours 4/ small/late players in the market have low single digit market share. Management also reminded investors today that 5/ 64CU has potential supply chain and use constraints.'