Ann: Appendix 4D and Half Year Report to 31 December 2021, page-3

Hi Friendly

I'd normally start a post like this by pointing out that Biotechs are like sorghum. They are seasonal and since November we have been in a Bio winter. Even floats like CHM, with Paul Hopper's benediction, are trading around their listing price and going for a top up and CU6, the biggest Bio float of 2021 is 30% under the weather. But you are no neophyte. The major problem here which you would know is the overall market sentiment to the sector itself.

Secondly it's only cash to distribute (or NTA) if you decide to abandon the Phase 3 trial. The Median cost of Phase 3 is said to be $US20m. Worst case and arguably, the $26m is committed so they are broke?

Also seems Directors bought on market in November in the $0.50s. Under their Trading policy they can now buy on market until early June (but not within 10 days of the Q3 quarterly) so perhaps they will still buy and send a signal but it's unlikely to offset the macro trend.

The final issue is, as far as I know, Tony has no track record in guiding a company like this through clinical trials so: a new float in difficult weather; with unproven management and a lot of investors who got burnt in TIS equals a tough winter for now.

I'm watching this like about 20 others that are on their year lows. I don't really see anything remarkable about it's performance.