Ann: Letter to Shareholders, page-35

I think this is a pretty fair assessment of the BIT shareholders. BIT is quite unusual for an ASX listed biotech in not having any insto or large holders. There is basically zero money invested in BIT that has access to a scientifically informed review of BIT's science.

It is very unwise to invest in a company where you don't understand the business (for biotech this is science) and where there is no informed investors to follow. As bad as most analysts coverage is, BIT has none. You really are investing blind if you don't have a strong scientific background - this is fine if you are a trader, but not so wise if you are a long term investor.