ann out

The net cash outflow for the quarter was $302,000. The company has continued to
reduce operating costs, together with the previously announced strategy of
crystallizing value for its Needle-free and Eyecare technologies.
During the quarter, the company completed a successful drawdown under its equity
facility with Global Emerging Markets (“GEM”). The placement of approximately 6
million shares raised approximately over $500,000.
A second drawdown has been advised, designed to provide the company with
additional working capital. The company currently expects to be able to advise
completion of a fundraising and placement for approximately A$750,000 within the
next 10 days. The GEM facility has proven to be a successful fundraising mechanism
for the company. Further use of the facility may be made if and when necessary to
service the company’s cash requirements.
Progress on the needle-free injection technology continues. Recent announcements
have reported on this progress. Separation of the technology into a new entity has
been foreshadowed to facilitate likely commercial requirements of potential licensing
partners.
The company continues to work towards crystallizing value from the Eyecare project.
Subject to the completion of certain structural requirements, the out-licensing of the
technology will be pursued.
The actions described in relation to the Needle-free and Eyecare technologies are
designed to further reduce the ongoing cash commitments of the company.