Ann: Change in substantial holding, page-3

I was waiting for this notice, the shorters have been pouring in tens of thousands of fake shares into the market every day with Clinuvel according to ASIC (you would think the Seller would have run out of shares long ago if they were a real holder?). Amazingly another 200 thousand fake Sell liquidity shares in just the last eight days ASIC data is available and this is on the back of Jefferies releasing their very confident share price target of $39.20 for CUV, great photos from the blockbuster Phase 3 trial, great news from the trial for children 12-17, Canada submission and Argentinian distribution agreement. So shorters throwing a lot of fake shares into the pool to control the price as they always do after good news.

The constant short selling has been very destructive and it is beyond belief the board did not strike on shareholder behalf with the buyback as it was stated they would. Just compare valuations of Disc Medicine and Clinuvel. They are both primarily about EPP right now except Clinuvel is a far, far superior company to Disc in every way possible yet they are amazingly only valued at a tiny fraction of the Disc valuation. Disc are much better at attracting investor interest compared to CUV despite not running any Michelin catered Soirees in Monaco that I am aware of? However, institutions have purchased millions of Clinuvel shares as our Chairman recently told us (20% up to 33% of Clinuvel) in recent years which makes the manipulation all the more obvious and being the most shorted Biotech on the ASX is where we are at despite being the financially best small/tiny Biotech year after year with solid growth on the verge of blockbuster events. Disc obviously are not on the verge of much at all, they will never compete in Vitiligo or tanning and I have my doubts about EPP also as their recent phase 2 failed on the time in sunlight endpoint which was not significantly increased over placebo - compared to the ultra effective Clinuvel drug with 95% patient retention. As for a potential viral tanning photo cosmetic once again Disc will never have such a thing and at Clinuvel we are told this holy grail product is coming next year according to Bulletin 2. Even the recent Jefferies price target on CUV at $39.20 would place their valuation more than $1 Billion less than Disc yet the manipulation games continue. Can't wait to see how much cash Disc burnt in the last 12 months when new figures come out, and how much cash Clinuvel have printed when their figures are released, yet the inferior business could quite easily take over the far superior CUV business (and probably gain a massive valuation increase at the same time).

Cash burning Disc LOST $76.4 Million USD ($116 M AUD) last year running Phase 1 and 2s while CUV made last FY $35.6 Million PROFIT after taxes.

Disc: Market cap $3.0 Billion

CUV:Market cap $0.57 Billion Don't have to share profits with anyone or pay royalties or milestone payments either at Clinuvel.

All IMO DYOR