Ann: PharmAust Clinical Trials Update, page-99

I am very disappointed and angry that there has been no announcements on any of the PAA trials. It appears that PAA not only have contempt for their shareholders but also of the participation rules of ASX.

Section 674 of rule 3.1A&b is critical to the integrity and efficiency of the ASX market and clearly states in part

“that an entity must immediately disclose market sensitive information. The test for whether the information is sensitive is if the information ‘would’ or ‘would be likely ‘ to influence persons who commonly invest in securities, deciding whether to acquire or dispose of the entity securities”

Unless the directors have no knowledge of the status of the trials under their superintendence and can claim ignorance, they must have determined that any delay (or progress) to any of the trials for whatever reason would not influence any investor to alter their holdings in the company.

As far as I am aware the original PharmAust Clinical Trials Update announcement of 24/5/2022 concerning MND trials stated in part

1. That PAA were on track to have Phase 1 clinical study paperwork/formalities completed by the end of May. If this did not happen it should have been reported at that time. It was not, therefore the market must assume it did happen as forecast.

2. Patient recruitment would begin in June. If this did not happen it should have been reported. It was not, therefore the market must assume it did happen as previously announced.

3. The company would report on the recruitment and treatment of the first patient. This has not happened so the market must assume the first patient has not been recruited. If this is the case why has item 2 above not been reported.

This is an absolute farce and if information is included in the quarterly report that could and should have been disclosed during the quarter, then I believe ASX will require and explanation from the entity why it was not disclosed to the market immediately it became known to the entity. All relevant information must be released to the market even if it is an embarrassment to the directors.