Ann: Activities Update Qtr Ending March 2023 and Appendix 4C, page-12

I am overloaded in Aussie (and US) biotech. The science too compelling. Financially I have not been objective enough. The entire bio-tech sector globally has been killed globally in the last year, on funding concerns, stuff I have been short the market on overall until recently - poor execution on my part, FOMO.

I am sat on a lot of bio tech call options in effect (painful). Orthocell, unlike OSX, had no pressing capital concerns, with its recent BioHorizons deal, why its trading where it is bemuses me. It has no funding concerns and of course there is some execution risk, but will likely go cash positive in 2025 IMO. Hopefully we will see the same in OSX....

I wrote to OSX investor relations last year when I first started buying in, pleading with them to raise capital sooner than later. I got some generic dismissal.

The guys managing this company financially made a massive error in waiting this long to raise. That said, business operations wise they are doing quite well. Medical mkts are very conservative and hard to crack of course. I like their geographic footprint and its just hopefully time now.....