will it close out with, page-29

"on the 6/6/2012 Silence Therapeutics Announces Safe and Effective Dose Successfully Identified in Phase I Study of Atu027, and its share price starts a reversal in trend and has since multiplied by ten fold and we are still sitting ducks".

Interesting point Buda. Silence has some outsourced programs in Phase II. Atu027 is their most advanced internal program, for cancer, but their claims to have the most advanced RNAi program for cancer seem somewhat over-optimistic in light of Gradalis' Phase II trials.

BLT has successfully finished a Phase I clinical trial for HIV, which showed safety and feasibility, so to my mind had proven it's technology just as much as silence has.

They have some delivery patents and some siRNA sequence patents, but they do not have the foundation patents that could make BLT very valuable if all goes to plan.

Furthermore, the pain program, HCV and NSCLC are all at a much more advanced stage than any of Silences other internal programs.

They have $3-4 million in cash. Possible milestone payments for macular programs with Quark of up to $25 million currently in Phase II.

So, all being equal, BLT shouldn't need a huge deal to get the sp pumping.

A partnership for one of our programs wouldn't go astray. If one is forthcoming, I don't see why the sp shouldn't reflect that of Silence Therapeutics. Giving BLT an market cap of $170 million or a share price of 17 cents.

Certainly within the realms of possibility.