aksier, page-4

Morning Everyone,
The two main objective that I had for the meeting were to gain an understanding of how Mix & Grow works and secondly to meet the CEO face to face. I have written about the technology in detail below. With regards to the CEO I found him to be credible, knowledgeable and passionate about the company. I still need to conduct more research on other directors of the company.

The Mix & Gro technology appears to be "disruptive" or "game changing" for the industry. Antibodies which are put onto beads are often damaged or less effective when compared to beads treated with Mix & Grow. The product works by reducing the sensitivity of antibodies to the process of being attached to beads. What this means is that on beads treated with Mix & Gro more antibodies are active (80% active versus 20% for beads not treated with Mix & Gro) resulting in higher sensitivity to tests.

There are three major benefits in the market that I see for Mix & Gro. Given that antibodies are a major cost for pathology and research companies, there is an opportunity to reduce the COGS by using fewer antibodies to achieve the same results when using the conventional process. Secondly, by having more active antibodies on beads tests can become much more sensitive thereby identifying diseases at an earlier stage. Note for some diseases there may be no clinical benefit to be gained by earlier detection but for many it could result in earlier intervention thereby improving patient outcomes. Finally there are difficult tests which have not been marketed because they are not currently effective using conventional methods. Using Mix & Gro some of these tests may now become viable due to increased levels of sensitivity thereby increasing the overall size of the pathology market.

With regards to the Bangs license agreement I have concluded that they see an opportunity to jump ahead of the competition and that is why they have already signed the license and are commencing use of Mix & Gro. I believe others will follow soon.

Capital may still be an issue for the company and is certainly a risk factor going forward but Anteo hope that current cash reserves combined with the exercise of options will see the company through until positive cash flow is achieved. So hopefully no more dilution for existing shareholders.

Anyway best of luck to all holders. Anteo is firmly on my watchlist and I will continue following developments closely.

Aksier.