Ann: Appendix 4C - Quarterly, page-5

Cedits to writer1 on the AHZ threads. A spin off company to develop this HSV2 treatment required, with their MD being a major shareholder of ours?

As AHZ still does not have the complete HSV2 Stage 2 results report (but will within the next two days), it's highly unlikely to have a commercial partner. My guess is AHZ (with 72% holding in the immuno division) will announce a spin-off of that division with a capital raising done by Patersons Securities to fund the next HSV2 trial (perhaps a Phase 2b) and the ongoing R&D of its other portfolio assets. Hopefully, the spin-off will be an in-specie entitlement offer to existing AHZ shareholders where we may see 'the sum of parts be greater than the whole' in effect. After the recent restructure and the resource demands of growing AHZ tissue technology and hospital supplies businesses, AHZ would be compromising its capital and management resources on a high risk strategy in immunotherapies funding a Stage 2b or Stage 3 trial. A quick look at the board and management structure shows the Company is not geared for (and appears to have no intention to) running the immuno division. Especially givn, the MD's market pronouncements emphasising revenues and profitability. You may also note MD Wayne Paterson is a Alchemia Top 20 shareholder. I'm certain he doesn't want to repeat Alchemia's mistake. Also, a spin-off will give the immuno-division to exploit Prof Frazer's standing more fully, hopefully giving the immune division more autonomy and resource allocation certainty. As to Patersons: why else would Paterson's have commissioned a contractor to produce its recent research report on AHZ if it weren't for a corporate angle? I don't think Patersons has a dedicated healthcare sector analyst.