Ann: Shareholder Update Q3 2018, page-3

This is a pleasing update.  My key takeaways:

1. Company is sounding confident about the upcoming result.

2. Further confirmation that large potential partners are very interested in the program, implying shareholders likely won't have to wait long for an attractive deal to be struck assuming success.

3. Size of the DFU market is 2x VLU.

4. DFU trial has already been designed and so it will be fairly quick to start if the signal from VLU is supportive.

5. High confidence that the ocular program will receive Orphan Drug Designation from the FDA.  Submission will be made before the end of the year.

6. I wasn't aware that FTT had been working on Harlequin Ichthyosis.  While early signs of progress would have been a nice surprise the second best thing is to see the company exercise discipline and cut an early state program if the science isn't supportive.

7. VF00X discovery program shows FTT is more than just VF001 and are continuing to invest in science albeit on a modest budget.