Ann: Letter to Shareholders, page-23

The market is not dumb and knows all too well MM asleep at the wheel and yet again letting the cash balance run down to the ground without acting... the company may be in a much stronger position entertaining pharma with results with a minimum 12 month cash runway..... Even if Pharma is considering a deal, Biotron's current financial situation must be seen as an absolute laughing stock and puts the company in an extremely weak position at any negotiating table. Shareholders should be up in arms at this CEOs extreme lack of financial responsibility.