Added just shy of 2m shares to #N4P the past two days, the majority of it in the placing.

Needless to say, not a great price - but we look forward.

Co is now fully funded until well into 2022. By then, it should have secured multiple licensing deals for its Nuvec platform. 1/4

#N4P has an exceptionally low cost base, and a disruptive product - targeting multiple multi-billion $ markets - that could be ready for commercialisation potentially by year end. Thereafter, R&D costs should be negligible (at least for Nuvec) and #N4P could rapidly build... 2/4

...out a passive royalties business. Funds could then be distributed via divis, as well as used to fund new asset development.

The reason for its current ~£4.5m enterprise value is the multiple operational delays (and 1 standout failure) it has experienced since it floated. 3/4

Additionally, there of course remains not insignificant risk in successfully commercialisating Nuvec from this point.

However, given that #N4P is now fully funded to achieve this, in my view the risk/reward is skewed substantially to the upside at the current SP of 4.8p. 4/4