Ann: Appendix 4E & Annual Report to shareholders, page-21

Well that was much ado about nothing.

There is nothing in the annual report that suggests progress since the half-year report. Which means either:

1. there really has been no progress with the trials; or
2. IMU management should spend less time making embarrassing videos and more time learning how to report progress.

All the indicative timeframes for trial completions have been removed - which can only mean delays.

Not a single figure regarding patient recruitment. Why? How many of the 68 patients for the HER-Vaxx trial have been recruited? When does the company expect the first of the 30 patients for the PD1-Vaxx trial to be enrolled? When does the company expect the first recruit to the CF33 trial? Same with Vaxinia.

Too much back-patting on the company having $30m in the bank (old news anyway) and not enough criticism of the poor progress reporting.