Updated listing price, page-22

As far as we ascertain the technology has great potential across a wide range of diseases. Based on the earlier in utero (cell injection) and in vivo (animal studies) we can be reasonably certain that it is safe as Phase 1 will demonstrate.

Phase 2 has made a promising start since even at low doses there were signs of reduction in the viral load. However, to my knowledge we haven't yet established what the therapeutic dose is and certainly no idea of whether or not such would mean a cure or remission.

Based on 'typical' costs we can expect to spend about $30m to complete Phase 2. By the end of this quarter we will have about $18m cash available.

The bottomline is we need to raise more capital.

An IPO offers several advantages over a direct CR. In particular. it provides much wider exposure and allow more opportunity for a greater selection of, and incentive for, analysts to review and keep their possibly wide investor base abreast of progress.

In the global market perception (and in reality) BNTC remains a spec share albeit with excellent potential and if we can pull off the latest and hopefully the last edition of the IPO offer management will have done well.

And, in particular we should have sufficient funds to complete Phase 2 which like it or not has to be our prime focus.