Ann: Factor Therapeutics Appoints Transaction Advisor, page-19

I wouldn't discount the depth of expertise in the Board.

Chris Behrenbruch, John Machailidis and Robert Ryan all have successful track records in bringing products to market and negotiating commercial partnerships/exits. US-based Robert Ryan was President and CEO of Scioderm, sold in 2015 to Amicus Therapeutics, with upfront payments and milestones totalling approximately $957 million.

Every shareholder update for the last 18 months or so has spoken to advancing partnership discussions. More recently they have become more detailed. There can be little doubt, in my mind at least, about the level of industry interest in the readout/trial results, even if that is not currently reflected in the SP.

I must confess, I don't know a lot about how it works at the pointy end of things when it comes down to negotiating dollars and cents. I can only assume Management made the decison to appoint TC in light of all the facts known to them, including who the potential partners are and how advanced the discusions. I still have in the back-forefront of my mind the comment in the recent presso about "Our Deal? We could tell you but then we'd have to kill you."

There's more going on here than we currently know, for obvious reasons. Maybe TC are "simply" acting as Point Guard in this process?

Lastly, I have been watching trades very closely the past few weeks. There is no doubt in my mind whatsoever that the SP is being controlled/played by market partcipants with the power to do so. Only question is why?

I think we will know the answer to that in due course.