Ann: Customer update (NanoDX), page-35

Please let us know your thoughts.

This is the first time management has mentioned the scaling issue for MEMs. It could be that this was known for some time as a limit fo the tech. Sounds like it was unproductive for both companies to invest in a joint project that went nowhere.

Did they get to a working model that couldn't scale?

I'm curious if all of the 18 months of work is essentially wasted, which could be the case. Or is there still a technological advance that will be used for other applications such as traumatic brain injury.

It may be that management knew that there were issues with the partnership, and has put in effort into the other contracts over the last 6 months.

The company should I believe now put out a revised slide deck. I feel sorry for the cap raise investors, who may have been misled as to the real status of the partnership. I am wondering if those sophisticated investors were told about the realistic risks. They would have been sophisticated investors and its a small community.