even with big stocks it sometimes takes time for the market to digest news and/or take notice. The market is down today. The biotech sector has been out of favour of late.

I really do think today's announcement is a very very positive development. I think whoever is selling at these prices needs their head examined. The market is still offering people the chance to buy into a recently funded biotech at a 30% discount to the recent issue price, which is just about to start a CVD PIII trial, and which has just announced that it is moving into some hematology and renal indications with ODD status and where the main competitor has a market cap of $34bn.

I am minded to recall the beginning of the year when DM communicated to the market that the PIII BOM trial was going to cost a lot less than a $600m large scale CVD trial that people had been fearing. It took a while for the market to digest that news and then...