Ann: $2.4 Million Fully Underwritten Rights Issue, page-34

Wasa

I have been a holder for 7 years.

I am taking up the CR offer and will also be topping up on market below 2c. It may be that this is the last period of time you can buy PAB at these levels as pre-clinical announcements will likely push the SP to recent highs. More importantly any speculation of a partnering deal or other collaboration with a major pharma will result in multiple bags from here IMO...it happened once before with PAT-SM6 when they announced combination trial with Amgen’s Carfilzomib (the SP almost tripled in space of a couple of days from memory). Unfortunately the manufacturing problems killed it; hence the SP decline to todays prices. I was disappointed to say the least with the outcome of PAT-SM6 however I decided to hold on for the ride.

I am finally bullish again on PAB. The potential for PAT-DX1 is astronomical and 2018 feels extremely promising! Yes it is early days and yes it will take patience but a deal can come from anywhere and at any time. IMO if your not a holder good chance is you will miss the boat when or if that announcement comes.

Further, once proceeds of insurance claims are received AND we have non dilutive funding or partnering for PAT-DX1 development it wouldn't surprise me to see PAT-SM6 show its face again, not to mention other existing or new patents advancements that will further add value.

I will not be giving up any shares anywhere near these levels!

GLTAH

J