Ann: Letter to Shareholders, page-113

Why would anyone convert options at 6 cents when they can buy on market for half that price. Doesn't make any logical sense.

The SP needs to go up to a point where it exceeds the option exercise price before there will be any uptake of options.

There would need to be some good announcements over the next 4 months, and it is difficult to see where they would come from at the moment.

COVID trial results alone will not achieve this - some form of commercial deal has more chance. However, BIT does not really have much to offer in that regard that would attract any commercial deal.

Need to get the horse before the cart.