Hi Eqz and all,I did my duty and attended the AGM for self and...

Hi Eqz and all,

I did my duty and attended the AGM for self and those that couldn’t.

Most interesting PIQ AGM that I have been to (and I have been to everyone since PIQ listed) as previously there was no broker interest and today there were many suits in attendance including Euroz and Candour, though I did not see Alto there.

Anyhow down to questions.

1. With the Bioterm & Abcam agreements now in place, my understanding is we now have supply chain/mass production capabilities completed. Likewise, the company has stated we can use a generic CPT code for the LDT kit, this means the only remaining step to begin commercialisation in the U.S is a license agreement & KOL engagement/marketing. Has the company set a target date to secure a license agreement and if not, why? The highlighted part here is the most important question, the co has repeatedly said 'advanced discussions' for a number of months now so can they be more specific with a timeline on that?

“The negotiationswith a party can be lengthy and the bigger the party the longer their decisionmaking process.” My summation is that quality of outcome is the focus notticking a box.

2. Has the company considered applying for breakthrough device application, if not, why? * not valid anymore since we now know DeNovo is the way forward.

Correct.

3. Renalytix has been making great progress in securing contracts with large hospital & insurance networks.With the cost difference aside, does the PIQ management team view KidneyIntelX as a competitor in this space? If not, why?

“Renalytixare a competitor though they are offering a much different product with latestage diagnosis as their product. PromarkerD is being used much earlier in thedisease pathway giving doctors confidence to proscribe newer expensivemedications to a more targeted cohort.” These are not Richard’s exact words asI can’t write that fast but it was my takeaway from his answer.

4. Is Janssen still collaborating in the additional studies there were mentioned from the Ph2 conclusion?

“Thecollaboration has not finished as there is still much data being analysed.”

5. What is the price of the PromarkerD test in Italy?

“Theprice of the test in Italy will probably be in the order of €150”

6. Slide 13 of the presentation shows Immunoassay kits manufactured and supplied to labs. Is this an additional revenue generation point for the company?

“It wasintended to price the kits on a cost recovery basis and to make the profit onthe royalty stream similar to a printer (supplied at cost) and cartridge (ongoingneed / recurring revenue) model.” I would have personally preferred a profitmodel as it gives room for volume and national rebates. The rebate modelperfected by retail also means that the work that may be performed at 1,000laboratories across a country then creates a cheque that is sent to headoffice. Head Office sign off on the deal and this makes it attractive for themas everyone likes a cheque in the mail and if the current cheque is less thanthe previous cheque, head office start asking questions.

7. Assuming that Promarker Endo gets the results we are hoping for next year, will it take as long as PromarkerD to get to where PromarkerD is right now being commercialised?

“Muchquicker” Wanted a better estimate but hey one step at a time. FYI PromarkerD was already ahead of where Promarker Endo is now when the prospectus was lodged on the 10th of November 2014 (7 years). Hopefully for the Endometriosis sufferers out there subject to successful results we might have a test commercially available by late 2024 / early 2025.

I hope that fills a few gaps.

Cheers,

The Rad