Ann: Response to ASX Price Query , page-13

Very illiquid stock atm. Buyer(s) keeps on rising to around 50c mark for occasional nibbles (accumulation ?). From memory Phase II results for PI-88 were very promising. Big market for this drug if successful in current PHASE III trial. Liver cancer prevalent in Asia. Orphan drug status in USA and Europe. Could go to market as early as end of this year (but unlikely to be that quick).

Currently around 56 mill shares on offer (MC of $29 mill). When PGL were running PHASE III in 2009 SP estimates of $16+ were being bandied about assuming successful trial and path to market. Perhaps twice number of shares on register then. I have no idea what the deal with Medigen entails, but it would be pretty ordinary if PGL wouldn't re-rate a few multiples of its current SP on successful trial results.

Just a bit of a ramble.