Ann: Response to ASX Price Query , page-19

Furniture,

I do not want to mislead you (or anyone else). My post 10125652 should be read in conjunction with this. Due to company share buy back I imagine that there are less shares on the register now than in 2009 - I don't have the figures. I do recall analysts putting a figure of up to $16 per share back then should the Phase III PI-88 trial lead to a marketable drug.

Back in 2009 PGL itself was fully funding the trial - PI-88 was their property (hence the $16 SP figure). The situation is far different now. The drug is now out licensed to Medigen who are funding the current trial. PGL will only receive milestone payments and royalties should the drug prove successful - i have no idea of the details of their agreement.

Thus the $16 SP figure is no longer even remotely relevant (with regard to PI-888), but it is perhaps potentially well above the current 50c if the Medigen trial is successful. (also PGL have other drugs in the pipeline as per company announcements).

For me it is worth a small punt.