Ann: Race Strategic Update August 2023, page-548

Hi Titans (and Hunterr just above this post), the strategy last time was the John Cullity 2025 $10 per share best case buyout, dilution, value destruction sh!t show. After picking it apart while I was in Edinburgh* where I separately briefly met with a renowned HC poster, it occurred to me that the reason it felt "off" was that it was created under a walking cadaver whose Ape Brain can't let him believe that it could ever be worth over $10/share so he did everything in his power to keep its maximum upside below there.

In discussions, JC acknowledged that the Triangle report was not going to confound my 'back of the envelope' minimum $5Bn USD per annum revenue for COACS calculation, yet hIs eyes flashed with anger when I asked him why he couldn't believe a share price value above $10.

RAC then developed a strategy that made $10 look like a good outcome: expensive, slow and with heaps of dilution. It suited Australian Biotech's own Count Dracula, down to a T.

Alignment to Big Pharma was a plus, but it came with the clear dilution and slow progress; meaning big Pharma could pick it up cheap.

Our old chairman's day job was serving big Pharma, and that conflict of interest had a pretty big hand in him putting fwd a strategy that served big Pharma IMhO, rather than appealing to their interests and serving shareholders and patients of bisantrene.

*I messaged Le Raz on our top secret, encrypted App when I realised the above whilst walking through Edinburgh back in August, and if they weren't a band of anonymous super heroes, they could attest to the veracity of this story.