Analysts Reports (Imugene), page-314

"Diamond Equity Research LLC is being compensated by Imugene Limited for producing research materialsregarding Imugene Limited and its securities ..... Allpayments are received upfront and are billed for an annual or semi-annual research engagement. As of 03/06/23the issuer had paid us $33,000 for our services, which commenced 08/19/22 and is billed annually. DiamondEquity Research LLC may be compensated for non-research related services, including presenting at DiamondEquity Research investment conferences, press releases" (are they brokers or publicists like Proactive?) "and other additional services."

Diamond Equity Research LLC is being compensated by Arovella Therapeutics Limited for producing researchmaterials regarding Arovella Therapeutics Limited and its securities .... All payments are received upfront and are billed for research engagement. As of 03/06/2023 the issuerhad paid us $50,500 for our services, which commenced 11/11/2021, consisting of consisting of $33,000 for thefirst year and $17,500 for the following six months of research coverage, upfront in each period. Diamond EquityResearch LLC may be compensated for non-research related services, including presenting at Diamond EquityResearch investment conferences, press releases and other additional services.

That there are "equity research" houses that are prepared to re-phrase company announcements and publish them as research is no surprise. That there are management teams that think its a good idea to use shareholder funds to engage them is the disappointing bit. Make some serious progress, and reputable equity research firms will start covering you for free ...