Ann: EMORY JOINS CHM CDH17 PHASE 1/2 CLINICAL TRIAL, page-13

I dont think you understand what has happened at CHM.

The GBM drug was the lead asset (in fact, the only asset when the company started just a few years ago). It is an incredibly expensive treatment and expensive to licence, hence the high cash burn. The drug shows a huge promise for a cancer with an unmet need. But, its dosing method, although novel, presented problems.

The company was left with a problem. Cash burn had depleted the coffers to progress the GBM drug, and now the endpoint for the data they needed with that drug had pushed much further to the right due to a required dosing redesign.

Hence, the pivot to the Cd17 drug. This treatment is much cheaper, and the drug cost to the company was 1/10th of the GBM drug cost. This, and the fact that all three drugs have now been paid for, is responsible for lower cash burn now.

OPT is a good example (and not in a good way) of what finance costs are like for a drug discovery bio tech since 2020. This is a risk PH has not taken on, thankfully. You need to research and understand this. This is by far a different landscape to selling advertising on a polka radio station. Companies have a need to advertise, creating demand. Those offering finance to a small bio tech dont need to give money. So when they do, they include lots of clauses to cover their risk. 35% interest and penalty payments if timelines or endpoints aren't met. Just like what has happened at OPT. Large investors won't take on the risk of early phase 1 trials while they can make 10% 100% franked on FMG. It's not 2019 anymore. The acceptance of risk is far different now. Look at how companies, CHM included, are taking loans for part of their tax rebate early to keep cash flow. This never happened before, but finance terms are so anti company now that this and the 17% interest cost is far preferable to the alternatives.

Instead, the hat has been passed around shareholders. This is to allow them to manage dilution of their holdings. But so far, any raise has yet to be fully taken up by holders. This is why PH threw in $1 million of his own cash last year. Without this, the company would not have made it to where we are now.

PH keeps the purse just topped up enough to get to the next milestone. In the hope that data will drive the share price higher and reduce any future dilution. Hopefully, with 7 patients now recruited and the 4th trial site now online, data will start to flow, and if the drug works, the price will rise. But this is very high risk!

If the Cd17 CarT drug works and a partner is found, cash will be available to progress the GBM drug again. But until the financials are fixed, that will remain parked.

NK cells are the quiet achiever doing their thing in the background. Yes, a CR was announced while the shares were suspended. But shares were suspended as the company had run out of cash. See above. Read the communication prior to this suspension. It appears a deal had been promised and then taken away. But that is just my take on it.

As has been said a million time times. This is an incredibly high-risk investment. Start-up Bio techs always are. The change in financial terms and market acceptance of risk since post 2020 has added a lot to this risk.

So, in short, your consistent blaming of PH for all the worlds wrongs shows a lack of understanding. Your praising of other companies getting finance, without knowing or understanding the terms of that finance (see OPT), seems naive.

So to answer your question am I pleased?

I understand this is a very high-risk investment. I understand how the company found itself in the financial situation it is in. I am thankful thay pivoted like they did into a new drug. This was really well done, as if done incorrectly, the company would no longer exist. I am glad they onsold another drug they were interested in to IMU to prioritise cash flow over the pipeline at a critical time. I am glad they haven't increased risk even more by taking a financial deal, which in turn could break the company (again OPT, but its not the only one on the ASX ). I think Bec is doing a great job. And I am very happy PH puts his money where it's needed when it's needed. I am very pleased that CHM is doing all it can to move the Cd17 drug along and am looking forward to seeing how it goes.

The market cap means I will see if I can get some more of this raise as I like that ootion that is attached.