Ann: Placement, page-5

As I see it,
THE NEGATIVES
- another near 20% dilution
- they want approval to increase capacity, and I suspect a similar placement/cr around July/August
- all this dilution has to be factored into eps & sp projections of course
- timing; this happens after the probable v2 ct trial results release - perhaps unavoidable.
- inov8 didn't take their stake to near 20%
- no mention of intended auction later this year; pushed back?
THE POSITIVES
- Monsour increases stake to max allowable, strong show of confidence
- inov8's increase is not insignificant; I'd describe this as cautiously optimistic.
- Mangelsdorf purchase reinforces positive outlook
- sp stable despite dilution
- will be another tax incentive last qtr which should see us through to license deal

Notes on language
- now saying 'best in class CONSERVATIVE treatment'; that word says a lot to customers, etc.
- constant stress on value of data & systems, rather than effectiveness; not sure what that suggests if anything