Technical Breakdown, page-4

Hi Jack, I agree that the pharmacology may be described as interesting, but the trials on BNC 210 to date seem to me to have essentially been designed so that they don't fail - so as to keep the story going about the multi billion dollar potential markets etc - which is necessary to gain the interest of investors in order to raise yet more money to undertake yet more trials while the CEO pockets $650k a year for the privilege.

So far the trials have emphasised "no bad side effects" which I could achieve with sugar cubes. The real issue is demonstrating meaningful efficacy. Perhaps that has to wait for some mug to stump up the funds for a phase III trial. Either way, the recent share price weakness is perverse as we approach a supposedly MAJOR clinical trial readout when the punters and speculators generally willing to gamble on a positive outcome are placing their bets.

The share price weakness tells me that a meaningful number of bulls are getting cold feet and the punters and speculators are not all that excited by the prospects for a clear positive clinical readout.

It's just one opinion and its my interpretation of the share price weakness at this juncture. Perhaps I am wrong and the results will be outstanding and the stock will get a significant re-rate. I have been let down by this company before, so am a tad jaded and less willing to believe the hype.

Good luck........