Ann: NuSep Investor Presentation, page-16

Sorry MM, I should have been more specific. When I said "did either manage an ASIC EA...?" I was referring to your comment that Cochlear and Resmed were once small companies. My point was that those companies didn't have potentially devastating regulatory issues hanging over their heads.

I guess, ultimately, my point goes to the potential success of Prime and, by extension, the likelihood of an increased valuation of NSP.

Yes, yes, we all agree Prime's technology is an exciting market opportunity and (nod, nod) its great that Xeraya are backing the venture (to a point), but... there are some serious question makes in my mind that I think NSP investors should consider.

If (in the short-med term at least) we agree the sp of NSP is strongly linked to the performance of Prime, then what is the likelihood of the true value of Prime being realised under the guidance of their current board?

When Biotech investors consider risk, they would be wise to examine the calibre and history of the executives and board... Without picking on other examples, I would suggest the ASIC undertaking paints Primes 2 ex-NSP directors (I am not going to name them) in the worst possible light. This, IMHO, greatly increases the risk that Prime will not realise its true value under their leadership.

If Prime struggles to realise value (and due to its leadership, IMHO, it will), Nusep has a long way to go to becoming a Resmed or a Cochlear.

With this chain and anchor weighing them down, I believe Alison and her team are up against it, no matter how quickly they commercialise SpermSep.

GLTA