Ann: Share purchase plan (SPP) - closing date extended, page-8

Interesting you talk of IMU below 10c. I still hold a truck load of IMU, but looking at market caps, CHM still provides more potential upside than IMU, even with it below 10c.

I can see IMU bouncing 3 bags to be at fair value from 10c, and CHM bouncing 10 bags to fair value. More risk with CHM, and with this risk the greater potential to reward (or loss),

The phase 1b expansion trial is Interesting. We know lower doses have lead to 75% of patents (low cohort number, but this is still significant) and an extension of life. even at low (below hypothetical dose) dose. The 4th cohort is believed to be closer to the goldilocks number of cells, and its underway now. But the expansion trial is now also underway. They must have good data to start this prior to the 4th cohort ending. The expansion trial will be the building block for the fast track registration trial.

Have a look at early approvals for the first CarTs. There is presidents of approvals after phase 1b for treatment of cancers with no SOC. And these drugs had 75% adverse event rates. CHM's drug has had no dose limiting events, so safety is good.

The patient cohort in the trials so far, were selected as they had a particular biomarker that the CHM drug targets. These patients has SOC fail them prior to entering the trial. 75% of them achieved stable disease at low drug dose rates. This is unheard of for GBM. This also shows that the CHM CarT is showing efficacy against solid tumour cancer. This is also unheard of.

The hospital where the phase 1a trial was being conducted, gave approval for the expansion trial. They wont do that if the drug isnt working. They are a major cancer research institution and wont put there reputation at risk.

The market cap is sub $17 million. Two drugs are hitting arms right now. One of those trials is paid for by another party. Another drug is ready to hit arms.

At this market cap any dilution that will happen due to capital raising still allows for many multiples of growth. And with a potential registration trial in the medium future dilution may be less than we think.

It would appear that the current SPP is to get us past the end of the year. Data from cohort 4 and expansion trial should coincide with this. So still some pain ahead, but very interesting medium to long term.