Ann: AGM Presentation by CEO, page-27

An excellent summary of the AGM thank you Leverage.

There were a couple of additional points that were covered that I think might be worth adding -

The new eye-dropper packaging will replace the current lotion product. There are three reasons.

(i) The current lotion packaging is prone to leaking (I note this has been referred to a number of times by posters in this forum);

(ii) The product is more potent (trials have shown a 6x improvement as you have indicated); and

(iii) The new product includes active ingredients that are covered by our patent.

The new product consequently represents our transition to a more potent range of products for which we will have exclusive rights.

Ms Halasz emphasised the fact that, particularly being a topically applied product that is also suitable for use by women, we are now in “a category all our own”.

I personally believe there is another very substantial advantage of the new packaging in that the delivery system projects into the market a more obviously medicinally efficacious product. A small quantity of the active component is applied directly to the subject area and it would I expect be quite obvious to the user that they are not simply using a cosmetic product. In a product area that has a history of “Disallowed” products it is important that we are able to communicate that the product actually works and I think this packaging will help in communicating that.

The second point is that I should like to add a little more to your reference to the Zoetis programme. Ms Halasz indicated that the programme is a 4 year programme and no results could be expected until the 4 yrs is complete. She also pointed out that it is a Zoetis programme not a Cellmid programme and, correspondingly, that Zoetis were running it themselves. I think the “commercial sensitivities” you have referred to would relate to information passing from Zoetis to Cellmid within the 4 yrs, which I assume will be minimal.

So we will all just have to wait for that one.

Again, thank you for the full, detailed and very valuable description.