Ann: AN1 - 1H25 Update, page-7

In my opinion, it is likely that Anagenics will really be relisted onto the ASX, Although it would certainly seem to make more sense on the surface for HNG to instead take it over. But, what is it really worth? The beauty,BLC and wholesale, retail sections should be easy enough to value.

But, what about the Midkine patents and the possible Lyramid income streams? I will just refer using the word Midkine here to keep it as non technical as possible. Everything simple and quick.

It has been well known for years that some cancers and autoimmune diseases produce the protein Midkine into blood and urine, and people have thought it should be useful to routinely test for this in order to more guickly progress to treatments. Pacific Edge NZ (PEB) even had Midkine testing in its urine test for bladder cancer. However, Cellmid's Halasz, Walton and Wuurman sadly discovered that "Big Pharma", or indeed, Pharma of any size anywhere, evidently did not have any interest in testing for the presence of Midkine. Not blood, not urine, not anywhere.

So, Midkine (Lyramid) went to a Central American Company which had no obvious Biotech experience, then went on to the possession of a trio of struggling oil/gas prospectors, one of whom coincidentally possessed some Cellmid stock options.

That trio quickly formed a Company named Roquefort (ROQ) in the UK, with the stated intention of doing a bit of work on Lyramid, and then selling it off to Pharma, hopefully for a profit. It started off with the biomarker angle.

Then, to its credit, Roquefort unexpectedly did more than that and claimed to have deeply investigated a previously unexplored property of Midkine. Roquefort announced and reported that Laboratory testing showed this.........

Roquefort's Lab tests showed that the presence of Midkine around cancers actually caused some cancers to grow faster and even metastasize when not expected to. So Midkine was more than just a useful biomarker. It also had an unwanted dangerous property when present. It promoted cancer growth. Following extensive testing for a Midkine "killer" Roquefort scientists found that a shortened (truncated) version of Midkine did just that. It killed Midkine. With Midkine gone, cancer cells were then more easily eliminated by current conventional chemotherapy. Very exciting. Often smaller amounts of drug needed, and quicker in action. Lab testing. Not human trials. Roquefort has hopefully successfully onsold Lyramid and clinical trials should happen.

So, that raises for AN1 (and ROQ) the possibility that another variation of Midkine/Lyramid could become part of current chemotherapy if the truncated version of Midkine can be commercialised and yield positive trial results and therefore be an additional income stream.. (Possibility, could, maybe, clinical trials needed). I have tried to keep all this short, because it is all on the Roquefort Therapeutics (ROQ) website for those with a few hours to spare looking up the Midkine Lyramid announcements. I have only touched lightly on all the work. The reading on the website is worth the effort.

None of the above is posted to imply anything more than I think AN1 could be difficult to correctly value at the present for anything other than relisting. It really is just me thinking out loud. But like everybody here, I am frustrated by this insanely long suspension. Would be interesting to know what is actually going on.