Replicel

[lpenergy]

I took a quick pass at the MD&A while I was at work, but there were a couple of things that I picked up on.

It seems that they have modified the Efficacy Endpoint testing for phase IIa testing. In their MD&A report for 9/30/2011, they indicated that they would test for efficacy at 6 months as a secondary endpoint and release the results in spring of 2012. They would continue testing the patients at 12 month and 24 month endpoints for safety.

In the most recent MD&A, they have stated that "Analysis of efficacy will also be studied at 9, 12 and 24 months."

This is new and different. A 9th month efficacy testing to my knowledge has never been discussed previously. So, are they telegraphing that after 6 months time, results may not have been sufficient and so they want to continue to test for efficacy at these additional endpoints?