Ann: Entitlement Offer to raise approximately $10 million, page-19

Take a big breath big fella.

Have you been watching the market and economy at the moment? Trying to raise money now is really hard. There isnt the spare cash now that was lying around 3 to 4 years ago. Raising $10 million now is a real ask, where it was childs play not that long ago. Without a substantial discount it would never be achievable, even with this discount it will be hard to achieve from retail investors. They are looking for 50% of the company market cap.

The real reasoning we need to do is look at the company potential, and decide if this is a good deal or not.

With this raise the company book value is $30 million. The majority of that is money in the bank. There is very little IP value. That money is being burnt. It has to be to keep the pipeline progressing. So this is where the IP value becomes important.

We have good data now that CHM have the forst ever CarT drug to work against a solid tumour. We have the first ever drug to show disease control against GBM.

And then we have the rest of the pipeline!

Thiis deal is as cheap as chips, even with the dilution accounted for.

This needs to be a business decision, not an emotional one. Some years ago anyone could make a lot of money from biotech companies, it was easy. Any announcement was followed by FOMO and everyone patted themselves on the back for a job well done. Many didnt even understand what they were invested in. Today the market is different. All small caps have been hard hit. The market does not want risk. To make money from biotech now, a lot more work needs to be done, and investment timelines need to be adjusted.

What today is opportunity for some is becoming a nightmare for others. The only way to get this company to boom is to keep that pipeline progressing. And that needs money.