Ann: CEO Presentation to Bioshares Conference, page-35

Hi Congo, when you are referring to a 50% ulcer size reduction 4 weeks after treatment, the 50% reduction is an AVERAGE over the some 113 person entire test group (placebo and VF001). Some of the patients obviously had significantly greater reduction than others and vice versa. We dont know to what degree VF001 patients were better than placebo or vice versa, as it is a blinded study. Placebo can demonstrably have a beneficial effect. Whether it had a significant effect across the board or whether VF001 patients were significantly better, we wont know for sure until the read-out.

As indicated, I contacted FTT and Dr Wilson very kindly (and quickly ) replied to the above effect (which I have tried, hopefully accurately, to paraphrase).