Ann: Quarterly Activities Report and Appendix 4C, page-24

Excellent quarterly, clearly heading into the most exciting 3 to 6 months for the company in its history. In-vitro ARDS results due in 3 to 5 weeks and OSA trial ethics approval submitted via Alfred Hospital. That’s extremely positive IMO and a real stamp of credibility.

The IHLOB’s are in the money by 70% and conversion will bring $10 million of funding. I can’t believe some of the comments on this thread. Why on earth wouldn’t you convert a 4c option when the stock is 6.8c? Seriously I’m dumbfounded.

The R&D spend is actually less than what I anticipated. Cannvalate aren’t paying for everything into perpetuity. The company never said that and neither have I. We are talking about globally patented trials seeking FDA approval not just SAS or TGA. And R&D receives a tax rebate as someone mentioned earlier.

Personally I believe this is the best quarterly I’ve seen from IHL in 3 years as an investor.