Ann: Appendix 4C and Quarterly Update, page-2

Cash on hand $1,258,000

Staff Costs $541,000
Admin $200,000

Total $741,000 per Q so not 2 Q of operating Capital , breach of the ASX Regs is why the CR had to be called.

I was trying to work out over the weekend why the CR was called so quickly and poured the bucket of water over a Positive Catalyst of Cohort 2.

Poor strategy but was obviously necessary or PAA would be suspended, plain and simple...remember the regs are there to protect SH Investment and keep Listed Companies honest..

yes there is a $320k debt facility but that's what it is Debt Facility....

I'm picking a Convertible Note from Roger or a swift placement to an Insto,,would love it to be a Bio Fund.

Going to market right now is very risky... SH have already been tapped out and additional $720,000 paid already to the Company for the Reward Options.

I have two ASX companies that failed to complete their placements, 1 has started a campaign with a large finance company to assist but may take weeks to mop up.. Cost of living is biting and speculative investments are being sold at present..

Would have been strategically beneficial to have the SP run up on the Cohort 2 data, but when you sail this close to the wind ,,,you cant bend the ASX Regs..

If we see a placement to Pfizer or Elanco then my opinion would be thats them slipping into the sheets before they kick us out of the bed..

PAA is currently mimicking the RAP sale, RAP had such a small amount of funds Pfizer came in with a $3m loan, then strong armed the sale with a timeline for repayment of the loan if the company didnt sell..

The first price Pfizer offered was 11c? obviously SH hit the roof,, after a Company Valuation was completed it came to order that the valuation was 21 to 26c.

RAP had begun the application process for orphan drug status and that was completed during the negotiations, so the day Pfizer bought RAP they could begin recouping their investment with a fully operational Covid App for Iphone and Samsung.. just breath into and it could give a very strong indication if you had a respiratory infection..

The Orphan Drug Application Process has NO FEEs and takes 90 days as regulated by the FDA. ( I'm still confused why PAA did not make application for Orphan Drug Status for Covid 19, we had valuable positive data from WEHI x2 (because the data was so REMARKABLE)
Then Biolabs then Leiden which seemed to waste 9 months...so that's all sitting in the cupboard..maybe thats the real target?

Deal went over the line at circa $200m which would bring circa 60c a share across the 320m shares in Pharmaust..

so at least we know the CR was not optional but demanded by regulatory listing laws...
Best of luck to all holders,, I'm hoping its a buy out and the first tranche is the entre...