Ann: Application for quotation of securities - DXB, page-35

I think DXB is an outlier that is trading below every other benchmark average even on ASX low standards.

There are few things that impacts it in my view:

1) Limited number of patients on P2 FSGS data 10 in total and I think 8 were included in final analysis.
2) DKD is still ripe in investors mind.
3) General state of Biotech around the world is depressing.
4) FSGS is not sexy enough for an average punter...Cancer, AZ etc. is.

Saying that, it also creates a huge potential opportunity for those who like to take risk...as without risk there is not enough reward.

I personally don't think we will see a deal before the results, I think we would have seen one by now if it was going to happen before the results but happy to be proven wrong.

I think we will see Dimerix being valued appropriately as per ASX standards post the results and one major US or China deal. I am more optimistic than NZT..

My view is a $0.8-$1 (MC 600m) assuming positive results and ann. of one Major deal..By the way this assumes that the deal is done with a company of size of Advanz Pharma not Astra, Pfizer etc...if one of the big Pharma, expect $2 minimum...its just the interest it creates globally...