Upcoming AGM, page-33

Attended the AGM today along with a good crowd of around 70 people.

All resolutions were pass by a poll taken after the main formalities of the meeting.

I was very impressed with Vince, who shook most peoples hand as they entered the meeting, and especially Dr Michael Thurn who presented the technical results.

Phase 3 acne trials will be a formality due to the impressive safety results and that is all the FDA is interested in for Phase 2.

They reiterated that the P2 acnes Australian results were great but still at a loss to explain the Vehicle abnormality in the US but did say the 11 site manufacturers in the US had been cut to 4 for Atopic Dermatitis and they had learnt much over the past 2 years and Permatrex in the future will be supplied by our new partner a detailed in Company Release.

Atopic Dermatitis is now the focus and could be a company maker on its own IMO with recruitment ahead of schedule and this is a real unmet need due to the short time patients can currently be given steroids and the side affects. BOTs safety profile and potential long term use even in children has the potential to be a game changer with a $27 billion market by 2027.

They appeared impressed by the potential for Rosacea with current treatments taking approx 2 hours to take effect and patients unable to wear makeup compared to BTX 1702 which takes about 15 minutes and makeup can be applied.

And Antimicrobial could be anything with current plans to put the product up patients noses prior to having surgery due to its superbug killing properties etc.

I walked out confident with my investment but this is a long term and evolving company with an extraordinary leadership team and product safety profile.