Ann: AGM Chair's Address & MD Presentation, page-22

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• Thanks to everyone for the previous AGM posts. Hopefully this is not too repetitive. My aim is to try and share some of the little insights you can only get from being there and to reflect my personal experiences and discussions.
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• One of my highlights was a great pre AGM catch up with Stuart Crozier. We spoke about a range of topics but I was interested in his thoughts on TBI and other indications. The company is actively seeking non dilutive funding for these indications. This is so we can begin preliminary work in parallel to existing work at no risk to the company.
• interesting to hear from Scott that the ASA is actively pursuing further Gov funding to now enter the implementation stage of the project. This will be great for EMV if successful. The Health Minister was recently very impressed and said some great things. Bodes well.
• Had a good chat with Ryan Laws. Great to have him present. He is very confident about our future prospects.
• It was funny when Scott said that you can see we have not invested any money into our projector and the room laughed and clapped. You can really sense that he is so careful with the companies funds and that is evident by our lean cash burn.
• Our own Gareth asked some great questions as has been previously mentioned. (Would be great to get an update from your perspective Gareth.
• I had a great chat with Scott pre meeting. He showed me some photos of our representatives currently in the US training a group in a hospital on EMU.
• Gen 2 will be considerably cheaper than EMU but costs a lot less to make and will have better gross margins.
• Spoke about TBI and stretch lesions and the ability for EMU to pick up what some of the other modalities can’t that may be important in TBI detection. Look up stretch lesions and some of the challenges in detection. We will be able to approach TBI from a different perspective. All the talk of grey and white matter etc will become important.
• Military may be a big market for TBI.
• The choice of the 4 hospitals in the US was a mixture of choosing luminary sites with amazing reputations with sites that simply have a very large volume of stroke patients. It was great to hear that Scott woke up one Sunday morning to a luminary US hospital request to be included in any upcoming US trial. They are chasing us!
• Getting to see the three gold NVIDIA deep learning servers for A1 research (150k each) was really cool. What would take a high powered PC 3 days takes them 3 hours to process results.
• We also got to see the 3D printing room with 3 x 3D printers used to make some non essential components.
• On our tour we saw the production line which is fairly basic right now but sufficient for our current needs. About 12 EMU’s have been made. I think the production manager said we have three staff working in that area. We have moved from wooden crates to cardboard crates for transport. The same materials used to ship MRI components. Cheaper and lighter.
• The consumables for the ambulance is twice the cost of the EMU’s but will be scanned (sold) a lot less than the EMU so will have less sale volume and a higher price.
• Being DeNovo means the FDA is much more careful and scrutinises more closely before approving something original. As Stuart confirmed this is a paradigm shift in imaging with a new modality as evidenced by our requirement to follow the DeNovo pathway. Scott said while it can be more difficult we now have the ability to set the standard required for anyone that wants to follow us.
• Our recent results could even better now with new data (excluded for the results) added back in the training data to improve the algorithms.
  
• TBI will likely be also done as a 510k and mostly a software change in the way the algorithms work.
• I got to spend some time with Patryk Kania who hails from England. He is an impressive fellow with vast commercialisation and on the groundsales experience. Brought to the company by Philip Dubois he currently spends half his time in the US on the ground driving medical device sales for another company. Philip employed him as a CEO once in another company as the current CEO was not making the sales. Patryk came in and blitzed the sales and really made a difference. I asked him why he joined us and he said he saw an amazing opportunity and not just in stroke but in future indications. He thought it was an amazing time to introduce a new imaging modality and the POC aspect was huge. He feels he can add a lot of experience when dealing with the US. Very happy to have him on board.

Update on trials - we will use existing alogarithoms for the trial and then we will apply a newer version of the algorithms on the results before presented to FDA. Will be on blind results but will be guided by training data that has been continually improving in the background during the trial. So we can enhance our results even further.

I can confirm that GEN was very comfortable on!

I hope you found this interesting.