Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-9

Hi IBX Team,

I have been a shareholder in the past and have real interest in getting onboard again.

One thing that has stopped me in recent times is the cash position and the obvious requirement for a raise in the very near term. Looking at today's announcement you have advised the market that you have 9.8 quarters of cash available. However, when looking into this you have based this receiving your $2,501,000 R&D Rebate in the previous quarter.

Therefore you have a net cash from operating activities of ($454,000)

Given this is an annual payment and not received every quarter should it not be backed out of the numbers?

Cash burn looks to be more like $2,955,000 per quarter without the rebate (as the next rebate is not for 12 months). On that basis you only have cash for 1.5 quarters?