Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-173

a2,

The CRO would have a standard contract as a service provider which clients like Biotron sign. Top tier clients would likely have a different contract. We don't have a copy of this contract but as I've said in the past small companies who bring in work only every few years don't get high priority. We saw this in 2017/18 also. The delays are in my opinion more to do with prioritization then the scale of the work.

They knew from the outset how many samples there would be and what sort of analysis was required. It was all in the trial design. Trying to claim that the delays are due to the number of samples or complexity is disingenuous in my view. You can't act surprised at the end when the number of samples ends up being exactly what you specified in the trial design.

As for the "coming weeks" thing, it is very clear that Biotron has not been in possession of sufficiently detailed information which would make it reasonable to keep making this comment. Its quite apparent that they simply have no transparency as to the actual progress and timelines and any sources which they may be relying upon in order to make the comments that they have made to the market appear to be highly questionable based on the obvious and repeated lack of accuracy.

I suspect that the first time they started saying "coming weeks" they were merely being optimistic however as time has gone on I believe that they have made the conscious decision to simply not take responsibility and come clean about the obvious lack of clarity. They know the delays are not their fault so they don't seem to think they should be criticized. What they are failing to acknowledge is their own guidance to the market has set false expectations and they are responsible for this. In Sept last year they should have simple said "The processing of samples by the 3rd party is not progressing as quickly as we had hoped however this is entirely beyond out control. We cannot reliable predict when this processing will be completed as we have insufficient information at this point to provide an updated timeline. As a small Biotech we don't have any ability to influence the prioritization or make this happen any quicker."

I find it odd that they think by continually repeating something which everybody knows is wrong makes them look more competent that coming clean.