Ann: Appendix 4C - Quarterly - 30 September 2018, page-4

I think the wording in the quarterly around cash balances may be wrong. States $3.7m plus a further $2m on deposit. Should be $1.7m with a further $2m on deposit. Regardless, with the cash injection from the insurance settlement they have a theoretical $6.7m in cash and are only forcasting to spend roughly $1m per quarter. Gives lots of breathing room to not have to dilute, and if they have to dilute then it will most likely be a positive story re commencement of clinical trials or something of the like. If you compare this to other Aussie biotechs of the last few weeks, then I think it is undervalued. Just my opinion. DYOR.