The headline data from the clinical trial of the company’s topical pain relief products TPR100 (diclofenac) and TIB200 (ibuprofen) is very positive, suggesting superiority against placebo and similarity vs. both oral and topical forms of currently marketed products. In our view, the performance vs. oral products in particular provides strong validation for the DermaSysTM delivery system and confirms the significant commercial opportunity presented by the company’s topical pain relief portfolio, which we believe could generate multiple commercialisation deals in multiple geographies.