Ann: Letter to Shareholders, page-152

Sulunz

I wouldn't be concerned if another phase 2 for Covid is required, quite the contrary. It is quite normal. How many HIV phase 2 have Biotron conducted? Regretfully, too many years between them though. But the HIV story is different from the C19 one, and I don't believe that the lengthy time frames between C19 drinks was necessary. Nothing I can do about it though.

If a second phase 2 is required it means that the first one has been successful, not because it has failed. It would mean that the authorities want to see another aspect of the drug's ability. On the othethand, if this human trial is a duster, they won't be making another. As such, another phase 2 is an overall good. The market will do what it does.

If sucessfel C19 results are forthcoming, I'll be buying more shares regardless of what the price does. I'll also be buying a few more tomorrow. (Price will rise again tomorrow in anticipation of results next week).

I expect good results as my post above suggests, but maybe that is all we get. How will the market react to that? By the way that many posters here carry on, you would think that nothing less than an immediate partnership with Merck is sufficient. Personally, I'll be very happy with plain good results. But I believe that any good results will make reference at a minimum to the next step, which Biotron always does. This might be nothing more than the mention that now we have these positive results we expect to enter partnetship...... Best of all though, will be the annoucement that clarifies a partnership.

My main reason for this suggestion of another phase 2 is not based on the medical evidence, as we don't have the results yet. It is mostly based on my pessimism of not being further ahead on C19 after nearly 4 years, and secondly based on that a second phase 2 is not abnormal.

I was expecting BIT225 be granted emergency use in the US for C19 immedieately after the first mice trials (if not before) considering its signififcant safety profile and the urgent demand for drugs that could treat C19. But no, months went by and yet another mice trial, then many more months and finally a human trial, 3 years from commencement. So much for any urgency from the pandemic.

Anyway, not worth now arguing over spilt milk.

Besides, not long now.