Ann: Renounceable Rights Issue, page-64

Sadly I have to agree. I think the facts cannot be overlooked no matter how much we want to believe.

Biotron management have been selling the story since well before 2018 that they are in direct contact with numerous big pharams who have programs in the same space and they were all keenly monitoring the progress of BIT225 trials with a view to a commercial deal. We were even told that trial designs were based on feedback relating to what they wanted / needed to see. We were even pretty much told to expect a commercial deal back in 2018.

All trials are complete and there is nothing more in the works. Biotron have had ample opportunity to update their BP mates on all aspects of the science, all 25 years worth. 7 months after the latest heavily hyped trials there is no offer, no proposal, and no deal reported. Not even a low ball and slightly pathetic offer. Nothingggggggg at all. This strongly suggests that those "interested parties" that we were told existed have been insufficiently impressed and refused to engage further. Does anybody believe otherwise?

As a further sign that management have failed to gain any interest in the future of the BIT225 program, management have hired a consultant to see if they can find anybody anywhere who might see any value in any of the IP. This further suggests how dire the situation is with the traditional suitors. This is obviously something that they had to do but surely an acknowledgement of last resort steps akin to looking down the couch for rent money.

At this stage it seems that they should start trying to get a profitable Aussie biotech to buy them simply for the tax losses. $70mil and counting I believe. Current market cap for the entire company is < $5mil and possibly $3-4mil next week.

Biotron in its entirety is now chump change for any successful company if they believed in it. Its also not a big ask for many individuals including some current and former shareholders but the top 40 which is routinely monitored for signs of some predator "stealing" shares on the cheap, shows not a single sign of anybody taking a decent sized position at any point for decades.

Interest from the average punter is drying up as the bet is increasingly looking like a losing one. Even the usual hoard of up-rampers have decided its too hard to run their pump and dump exercises here now and have moved onto find suckers elsewhere.

I truly want to see Biotron succeed. Like Agent Mulder I want to believe but like most of his investigations there is a logical explanation for what was reported. We have witnessed a spectacular failure to succeed here over a very long period of time and no amount of faith has changed that nor have the endless fairy tales which have kept these boards humming. In fact I suspect the blind faith actually excuses the poor performance and allows management to continue in their failing practices without being forced to change direction. Over many years the belief in some magic (or simply made up) $20 billion deal diverted attention from the failures of management and turned BIT into a pump and dump paradise. The only guaranteed winners in any lottery are the people running it. Almost everybody else looses.

How many times did posters here howl and protest when documentary evidence was put forward which exposed past management statements, claims and unmitigated failures to achieve good outcomes for shareholders including their now famous massively discounted CRs at the worst times leaving SHs decimated if they didn't stump up each and every time? How many tried to claim these warnings were entirely made up by people trying to "steal their shares"? FFS !

Is it getting any better? Just look at management's actions. Do you see any sign that they sympathize with the massive losses shareholders have and are enduring as a result of failure? Did you see MM offering to take half salary now that she isn't overseeing any clinical trials and her supposed contacts appear to have provided no result? Nope, shareholders can have another 50% wiped off the value of their investment (I use that term loosely) this week alone in part because they failed in their responsibility to do the CR at the appropriate time to mitigate the risk associated with doing a possible deal post results.

Management don't even appear to think that they have failed. How can things get any better if the same people keep doing the same things which have resulted in this unmitigated disaster?