Ann: Application for quotation of securities - IMR, page-7

Hi Ben

I like Health stocks that are down on their luck which is what got me looking at IMR.

Honestly I am more attracted to Bio than devices. Bio are priced on hope and the occasional milestone while devices need to show some revenue promise. Obviously IMR has a massive revenue problem while the tech seems to be good but that doesn't help pay the bills.

Looks to me like the price was squeezed down to a $1.00 to justify the 3rd CR which I would have expected to be timed for a good news event. They had 9 months still in the kitty so maybe someone knows something, maybe not but little doubt this has been the gift that keeps on giving for Meolis.

They've raised $65m since the float and they are burning $2.5mpq just in staff costs.

I am lucky it bounced and scared me off my exploratory entry this week.

I've held device manufacturers before and can't say I have had real success. My last failure was AirXpanders (APX) which had a great device for breast implant management by the patient at home after mastectomy. It even had a growing market in Australia but then decided to conquer the US and went bust trying.

There are successful examples, Cochlear being the shining light we're all trying to emulate, but the world is littered with better mouse traps rejected by the single most conservative market in the world.

I'll keep an eye on this but $840k in sales against $15m negative cash flow over 12 months doesn't look too hot.

I know they've been unlucky with Covid which makes it difficult to have successful F2F meetings with their customers but savvy management would have cut cost but instead they are heading blithely ahead, confident of their success but not showing any signs of it.