Ann: Imugene and NeoImmuneTech to Improve Cancer Treatments, page-30

Hi GA

Yes - quite correct. And of course it is entirely possible that either - or both - of these collaborations will come to nothing in the end. My own memory goes back to the Arginine Modulator collaboration with the Baker Heart and Diabetes Institute, from 2016 - a project last heard of in 2018: http://www.aspecthuntley.com.au/asxdata/20180219/pdf/01951761.pdf

Was it a failure and a waste of time and money?

I think it depends on your viewpoint. There has been co commercial outcome, but if you never follow up potential opportunity you never grow and diversify. If IMU had just kept on course with their original product - Her-vaxx - then that would be all that they have now. I still think the original B-cell platform is likely to generate a big commercial clinical and success for the company - but I'm incredibly glad that they expanded it by collaboration with Prof Kaumaya, and diversified into Oncolytic virus therapy with Professor Fong and City of Hope, then took on allogeneic CAR-T with Azer-cel.

Also - each collaboration broadens their networks and strengthens their own knowledge and experience base. Some benefits of collaboration are intangible - but very real.

It also depends on your time frame and investment strategy. For a short term investor today's announcement is totally irrelevant. It won't generate anything in the short term except frustration for short term holders.

For a Trader today's announcement is a trading opportunity - the chance of a temporary uptick followed by a likely drop in the share price due to investor impatience.

I've always been here for the longer term - so my view is different - but it's totally reasonable for people to have a short term strategy and therefore find today's announcement an irrelevance at best or even an annoyance. That's not a "wrong" view - it's just a function of different time frames and needs.

I remain confident that eventually Imugene will achieve a commercial outcome, and every time a price sensitive announcement indicator comes up on Commsec I wonder (briefly) "is this the day??" But I also know that there will be many steps along the way to commercial success, so I tend to focus more on whether each step makes sense in terms of their overall strategy - and in that regard I am consistently impressed by their ability to play the long game.

Cheers

Dave

PS I also agree with your latest comment, @ReadyToRetire