Ann: Rights Issue Closed, page-35

Biotron is in the business — and with that comes responsibility. They need to identify and pursue paths that genuinely support Australia’s biotech security and national capability.

But companies like Biotron rarely act unless there’s pressure. Let’s be honest — without regulatory scrutiny, they likely wouldn’t announce anything at all. With no clear direction or contribution to Australia’s biotech ecosystem, the government should consider encouraging a merger with a company that’s proven it can deliver real, tangible outcomes.

As for the current management — they’ve lost the credibility and capability to lead a company that depends on trust. I chose not to take part in their latest capital raise — not out of disinterest, but as a deliberate protest. I don’t trust them anymore, and I’m not the only one.

How can Biotron keep raising money under the banner of “commercialisation” when there’s no real commercialisation in sight? That’s not just a concern for shareholders — it’s something regulators should be asking as well.

Refusing to participate in funding is one form of protest. But shareholders and the government can do more. They can:

• Demand a full audit of how the ~$70+ million raised over the years was actually used.

• Push for independent oversight or a special investigation by ASIC.

• Call for a strategic review of Biotron’s assets, including scientific data and intellectual property.

• Appoint independent experts to assess whether the Phase 2 data has value and, if so, how it can be transferred to a more capable party.

• Pressure for leadership change, including a new board and executive team with commercial experience and accountability.

• Ask the government to step in — especially if public funds (e.g. R&D tax incentives) were involved — and require Biotron to either contribute meaningfully to national biotech goals or be absorbed into a program or company that can.

In plain terms: if Biotron really has something valuable after all this time and funding — especially after completing Phase 2 trials — then it shouldn’t sit idle. That work should be handed over or partnered with a company that can take it to the finish line — for the benefit of patients, the financial market, and good governance.

Shareholders deserve outcomes. Patients deserve progress. And Australia deserves better from its biotech sector.

What else can the Govt and the SHs do while extracting and using any value out of the hitherto work done by the biotron? Keen to hear from FM and GY. Others are welcome. GY and FM are 5* HC generals. HC should pay them for their comments.