Ann: Investor Webinar, page-108

Some observations from the webinar: It was evident that Leslie disagreed with this cap raise, also evident was that Paul was for it. Hence, Leslie failed to provide compelling answers to numerous questions. In fact some answers were a politician's non answers. That is interesting because it might mean she is uncomfortable selling this raise, but it might also mean that she is constrained by what she can say given the current state of play visa vie our imminent results, partnering discussions, and so on. There is more going on than she was able to say and I think that was evident too in some of the replies.

To give an idea of our available cash - it is now roughly as follows : $95m new funds + $30m existing funds + $20m options + $10m + $10m + $10m + $10m R+D rebates over 4 years = $185m. (I've doubled our R+D rebates based on the doubling in expenditure and product pipeline)

$185m is a lot of cash even over 4 years.

Today's Proactive Investors interview gave me a good degree more confidence in this raise. Leslie explained imugene are now in a tremendously powerful position. We can control our destiny and all that. It occurred to me that we have suddenly grown from a big kid into teenager now. Swimming in different waters now. We are not the startup biotech with a drug called Hervaxx and $10m of capital anymore; we are a sophisticated multi-layered research outfit with a pipeline that could be described as massive. In two months we will have 6 trials at differing stages, 5 more candidates on the shelf awaiting the clinic, more candidates to be developed within our pipeline both individually and via combinations, more candidates to be acquired from outside our pipeline both individually and via combinations (including combinations with approved on market products). Most importantly, our diverse pipeline has proven so far and to date to be successful and beat the current SOC by a lot.

I think about all those poor other biotechs (some I used to own) that limp along and have no cash and take forever with their trials and have mixed results and safety issues, and seemingly part time directors, and heaps of promise, but that is it. And they wait to be bought or taken over so they try not to raise capital and run out of cash and so they slow their progress down to a crawl or even stop for years at a time.

Then I think of imugene and think wow - that is how you do it. Waiting around to be taken over is not attractive to big pharma. It is weak. Success and cracking on with business rapidly is just something you are going to want to be part of.

And by the way - Leslie can say she want's to partner with big pharma but the way they are setting up is more like becoming a CSL. Despite what I have written I am certainly still confounded post webinar. I guess I will need a few more days (and possibly announcements) to work out better what is going on here.