Longtimerzen,

The "company split" or re-organization into Zenith Capital Corp and Zenith Epigenetics Ltd is completely separate from an IPO or reverse takeover. At the time of the closing of the re-organization, both will still be private. This re-organization was voted on and approved in January , and recent emails with the company indicated that they were waiting to close until the launch of the ZEN003694 prostate cancer trial. So hopefully this happens now that dosing has begun.

At last corporate update in January, Don was looking into a reverse takeover listing onto the TSX, not an IPO. But that was January and a lot can change between then and now. So yes, an update is needed here. The plan in January though was to only go public with Zenith Epigenetics Ltd (ZEL} and to keep Zenith Capital Corp (ZCC) private, which would hold the royalties from RVX208. KD "anteed" up $1 per share prior to closing of the re-organization so he'll get both ZEL and ZCC. So the value of ZEL on the public market is only part of the original value. How one values the ZCC shares is a different story.

As for other updates, there were potential licensing deal(s) with China and animal health indications that were being pursued as of the January update. Myself and others have requested an update on their autoimmune program, which is no longer on the website. They also just published on RVX297, which was one of their BET inhibitors for autoimmune indications. In general, many of us have wondered about how the compounds, IP, and disease indications are split between the two companies since the split seems fuzzy and arbitrary. However, Zenith has recently presented on covalent BET inhibitors (irreversible) and also has BD1 and BD2 selective inhibitors... so what do they plan to do with these? ZEN003694 is a pan inhibitor of both bromodomains. It will also be helpful to get an update on timelines for not only the prostate cancer trial but also the breast cancer, other solid tumor and blood cancer trials.

Those are a few things you can think about as you sit there. We wanted a Corporate Update, we're getting a Corporate Update. Trial dosing has begun. At least wait until after the webcast to consider being negative!

BearDownAZ