write-up in the herald-sun, page-4

It's a very good summary and exactly as it is high risk but with it comes potentially high reward.

A lot weighs in Janssen outcome and I really can't wait to see what transpires this month it will be a big guide to the path ahead whichever way it falls.

With 3 big pharma having left the projects and decisions made to not license candidates last year it really needs this one to then cross the line & that will reignite likelihood of any future deal potential. If it fails to get a license it's hard to see any other partnerships coming with ease based on what would be 0/4 partners following through - that's what's been problematic with turning the science into cash - simply nobody has wanted to pay for it.

Functional CPP trap & Structure Trap to come this year but I imagine much of that is with Janssen & the ability for EET to deliver cargo efficiently.

I've been thinking about past management and it really wasn't that bad just raw end of the stick & I guess came down to a decision that had to be made. NW was really the most public face and the words he spoke wasn't indifferent to the companies view it was just his job to then be the one to come out and present it. Mentioned how it must of been getting awkward heading to all these events/interviews talking the same line re. deal discussions in progress and the next being "right on the edge" yet back to the same audience 6/12/18 months later with the same bullish scenario as last time but still no new deal across the line < they had to change face with that it was about the only option to refresh. FWIW NW's tenure was the one that saw AstraZeneca, Pfizer & Janssen put ink to paper so he really can't be taken down for those feats they where big accomplishments to his name and for the company to just get a look in by caliber of partners that came through.

Cash at bank is good for now since we have sourced the $6M but it's really only $2.5M'ish or 2 quarters better than we were 12 months ago at the start of 2013. On the other hand risk is greater relative to partnerships with 12 months ago having 4 shots at achieving a license now pulled down to 1 shot or 25% and each of those partnerships having taken around 2 years to get to the point of action.

It's all about Janssen coming to the party here with a license, significant cash component and taking candidates further - that's the risk V reward & hopefully we will see it answered some time this month.