20c.mark, page-8

Sorry to say a break upwards is highly unless the comms policy of IBX changes. The shareholder base is retail. Retail shareholders need a regular stream of news. So, the main issue is comms. If you are an insto, you may well take the long view and the well-known comms failures of IBX might not be a concern. The position is otherwise if the register is predominantly retail and the comms are bad. There comes a time when the average retail investor simply gives up and invests elsewhere. And that is happening now. For example, the rational investor, given the current comms policy of IBX, might reason that: (a) the sp wont move much until the current trial is over; (b) although there might be small spike it wont last (we know the tech is safe already so we are just being told what we already know); (c) there is no cash flow and another cash raise is inevitable plus cashburn is accelerating; (d) the substantive trial is years away and finally there are plenty of other companies that do not take their shareholders for granted and issue regular updates to the market.

If I am right on these points, then the comms policy of IBX needs to be reconsidered. And BTW, I think the stated comms policy of IBX is strategically wrong gvien a retail shareholder base and wrong at law re ASX LR3.1 etc. For example, there is nothing legally standing in the way of telling us the number of persons enrolled in the trial. I thionk IBX's interpretation of the continuous disclosure rule is a fig leaf to cover the failures in the execution of the trial.