Ann: Quarterly Activities Report, page-19

Agreed. Its becoming more apparent that they haven't progressed as close to a commercial deal as they appear to report and what MM has mentioned in media discussions

'Continued the design, synthesis and testing of new compounds under its HIV-1 program, with
the aim of identifying a next-generation lead anti-HIV-1 drug.

During the quarter ended 30 September 2020, Biotron has continued to undertake cell culture-based
assays on trial samples to further elucidate the mechanism of action of BIT225. The Company has
also continued to design, synthesise and screen new chemical entities with the aim of identifying a
follow-on, next-generation lead. '

It seems from the above that BIT225 compound Phase 2 trials weren't as 'successful' as they had hoped and reported