Dear Mr Chairman, page-15

Could someone going to the AGM as why BLT continually lumps Business Development expenditure with Scientific R&D expenditure in its quarterly statements? BLT spent 4 AUD million on these combined in the Sept. quarter, double the amount from June qtr ($2m) which itself was double from the March qtr ($1m). Business development and R&D are wholly unrelated. Other biotechs do not report their R&D is such a way.
Does BLT want to
1. Hide how little is going into genuine R&D?
2. Hide how much is being spent on "business development"?