Ann: INVESTOR PRESENTATION , page-39

For what it is worth IMO the sp fall has been due to three things, none of which has anything to do with our new investors.

1) The general ASX market sentiment and the move away from riskier stocks.

2) The heard mentality, sell because everyone else is.

3) Management said the first patient would be dosed by mid March and now they look like being a week or two late.

The third point is the only one that is within management's control. Not doing what they say they are going to do is a consistent theme of criticism on this thread and something management should fix. Having said that, in the scheme of things, being one or two weeks late is no big deal provided the trial does start soon.

Good luck to those trying to predict the bottom but don't whinge if Calimmune release some data or the dosing of the first patient is announced and the sp starts travelling north again and you get caught out.