trial update out. reads well, page-38

Hi clyde, agree with you that some risk still remains for EMS wrt the manufacturing rights being held by Berlin Pharma (in liquidation).

From a previous ann. German lawyers working on behalf of EMS reckon that the 8 million shares of BP vested in EMS shouldn't mean that EMS have to pay that back - but the fact that BP have an exclusive maunfacturing agreement (Africa, Asia, India and Pacific Islands) seems to me to be the sticking point.

The administrators of BP have confirmed with EMS that the man. rights are on-sellable. Best case scenario is that these rights are sold by the administrators of BP to Therapex (our recently signed manufacturer) and this risk is substantially mitigated.

Other outstanding risks that I reckon are; finalisation of the trials this malaria season (which I think will happen); publication of results (given Phase 1 trials performance I'd suggest that this is pretty much a given), registration with WHO (which may be time consuming?) and finding a potential buyer (a previous Pato's report had the big players in the (artemisin based) malaria space being Novartis, Sanofi Aventis, GSK and Cephalon.

Having been buying head's and oppies this week. I hope the decision is made by the board to roll over the oppies again at the end of the year if they aren't in the money.

bluebush