Neuro-Bio is unique in having identified both a biomarker and a treatment for Alzheimer’s. Based on evidence showing increased expression of T14 in brain cells we are developing an enzyme-linked immunosorbent assay for T14 as a biomarker of disease. Next steps are to format a suitable assay and test panels of samples from affected patients and controls. Alongside this we have generated a substantial body of evidence for NBP-14 as a novel therapeutic blocker, most recently demonstrating that this does indeed cross the blood brain barrier. Next steps are to look at dose ranging and start the formal development process to prepare for an investigational new drug application to the US Food and drug administration. Over the next 2-3 years we expect to maintain our premises at Culham with a headcount of 12-14 staff working on both biomarker and drug development. As we progress with development work we will maintain our in-house activity and complement this with the services of specialist third party development partners, so our costs are likely to increase at that point. Initial estimates suggest a Phase 2 raise of £10m.