Ann: Results of Meeting AGM, page-76

Not sure why you consider people to be shortsighted or aggressive when they have different ways of looking at a subject - it would appear that you are accusing others of what you tend to do - Let's leave that one alone though

OK, let's get down to the nitty gritty here.

BIT has contracted a consultancy group to push for any commercial deal that could be available. I personally think this is the right move and we probably share that viewpoint. I believe that this should have been done 12 months ago.

The fact that it was not done earlier and the absence of BIT stating that they arranged the contract to pursue an existing line of discussion, does tend to make me believe that there are no current discussions going on at the moment. To assume that there are existing discussions would be erroneous.

An overdue move - maybe coming from some desperation or perhaps they have decided to be more professional (let's give them some credit). We would all need to take a pinch of realism and conclude that contracting a consultant will not automatically mean a "deal" will eventuate.

I think it is not wise to consider that the contract guarantees that a deal will come. In the end, the lack of interest so far has to be based on some solid reasons and the consultancy firm may not change that situation one bit.

The biotech sector still needs to see some benefit from what BIT has to offer. It has not so far.

Then we get to what sort of deal may even come up. The best option would be some longer term licencing agreement that provides a strong revenue stream. Does BIT225 have the potential to do this. Personally, I think the trial results do not provide sufficient proof that it does but that is just one persons take on it. Though the market is sort of backing that up to some extent.

BIT still needs to get over its financial issues which are dire if we project the future out beyond 12 months (and 12 months may well be overly optimistic. There are many aspects to be considered when we look at small Biotech companies - not just the science or a single contract. There have been a huge number of companies with great science and great products that have gone under.

BITT has a few hurdles to get over and, if the consultants are unable to nail down a decent deal, then BIT is in a great deal of pain.

OK. I think that we can both agree that this is the current situation.