What I like about this investment for those new to Bcal.It is...

What I like about this investment for those new to Bcal.

It is unlikely there will be a need for another raise with $10m now in the kitty. Funds from the initial commercialisation and R&D re-embursment will then provide ongoing cash to fund US rollout. This means minimum dilution of shares. Licensing of the product could also happen at anytime with upfront payments the norm.

Top 20 will still own around 60% of shares meaning there will not be a lot of selling (should see the new top 20 soon)

John Hurrell non exec director and consultant is a highly recognised leader in diagnostics he had led over 70 molecular tests has plenty of skin in the game. Personally has $755k worth of shares which increased recently by 33% last year. This does not include the recently completed raise. The fact JH is on the team IMO is a huge nod for the technology and its ability to monetise and scale. It is also a huge nod for Jane and the other management team.

Another key investor is Mark McConnell. Recent article in AFR said Mr McConnell has backed BDX in the recent raise. He previously invested in the IPO. At the time (2021) of the IPO investment he said his family office, Mera Vale Capital, reviewed more than 100 investment opportunities a year, but only made one or two investments."We have spent considerable time/effort/money researching the blood diagnostics market and believe BCAL is a horse worth backing," he said. He also personally owns $2m worth of shares in BDX *this does not include the cornerstone of the recent raise.

https://www.copyright link/street-talk/bcal-diagnostics-closes-oversubscribed-raise-ellerston-tops-up-20240603-p5jiqy

Initial commercialisation projections are 16,000-32,000 tests in the first year and in a recent webinar it was stressed by Shane this is very conservative.

R&D still continuing to make the test available to women under 40 which make up 10% of the total diagnosed in breast cancer.

FDA/TGA approval not required for commercialisation to make a viable company with substantial revenue. Some IVD test do not even gaion reg approval. Regulatory approvals are only required for Govt reumbursment for patients meaning no out of pocket.

The hard work has been done - 5000+ samples collected and processed by Bcal for real world FDA/TGA approvals.

TGA review of findings is due in December and Bcal working with multiple advocacy groups including BCNA Breast cancer network Australia https://www.bcna.org.au/ - lobbying already underway.

Breast cancer has a huge cost to the Govt so reimbursement therefore TGA approval imminent IMO.

Notable, Ex. Health minister is on the BDX board and current health minister was at the BDX laboratory opening. Labour govt has tragically recently lost a member to breast cancer.

There is a lot of media coverage of a review of breast screening in Australia currently. The next ROSA project review will include a budget for molecular testing. Article https://daffodilcentre.org/no-better-time-than-now-to-move-forward-on-breast-cancer-screening/

Also https://www.abc.net.au/listen/programs/healthreport/breast-cancer-screening-review/103904348

Patients are already used to being out pocket for $300 for contrast mammography for a more thorough imaging technique on top of the free screening. Shane in a recent webinar said Breast test will likely be selected when running pathology for cholesterol. When GP’s ask a patient to get a blood test its an easy question to say “lets get a breast test done at the same time and you then no longer need a Mammogram, it its an extra $300” Easy compelling conversation.

Samples already being collected out of the US in Michigan and sites have already setup in India. One can only wonder if traction and testing in these regions plus Australia how many tests will be ticking over in the years to come.

Where does 1million tests a year put the company revenue and Market cap wise? If you look at Biotech’s 5x multiplier of rev/EV.

What would someone like sonic healthcare pay for a test like this to roll into their existing offering.

Plenty of milestones and news flow to come near term. Exciting times for the company and the landscape of breast cancer testing/early diagnosis meaning more lives saved and less pain for patients.

Good luck all. Not financial advice.