Ann: Update on Japanese Sales-CDY.AX, page-59

Yes Stapes66 and I wonder if SHs remember the coy borrowed $4M last year to fund sales this year. That money, and other loans to date, have to be repaid. Yes the accountants can turn a profit on the books but I just don't like having so much debt around our necks with virtually a one-trick pony coy.

We need to face the fact that meaningful revenue in my opinion for Midkine therapeutics is at least 10-15years off. The diagnostics are providing a trickle of income, about 6-7 weeks of Maria's salary last I looked. The other issue is whether there will be yet another CR/SPP/issue, history does tend to repeat itself and there's plenty of history there.

I am encouraged by the April sales # but let's not get out of our trees just yet. Predictions of $500K /month from each QVC country are wildly speculative, the QVC presence in France only began in 2015 for instance, and counter-intuitively QVC sales in China were reported in 2013 at a tenth of Japan's. https://en.wikipedia.org/wiki/QVC

US is QVC's powerhouse and I fervently hope that Japan's performance will be emulated there. Having said all the above it would appear that QVC was an excellent choice of distribution channel, btw imo it's QVC not Maria who's making the sales.

However as I keep saying it's the follow through sales that will make or break this and we won't know that for at least 2 more Qtrs. Interesting that the sales point in Japan is around the same as Aust, about AUD50.00 a bottle. I really really hope the manufacturing issues and distribution issues experienced in Aust have been addressed.

I guess now we'll see Hawkeye resurface with a fresh set of 100 reasons to buy Cellmid and his regular register reports, oh joy. The good thing is there will finally be some data to draw conclusions from instead of raw opinion.

I look forward to the FY results.