Ann: Preliminary PAT-DX1 pharmacokinetics, page-68

There is nothing time or market-sensitive about 'preliminary PK data' - this is absolutely routine. I'm not even convinced this is new data - if you look you will see that almost the exact same information was released in the announcement on January 29th.

My main concern is that I don’t see any evidence of a logical progression of experiments. They first reported an experiment in mice which apparently showed improved survival, then an experiment in tumour spheres and now a random PK experiment in breast cancer. To me, this smacks of throwing everything at the wall to see what sticks, and then strategically announcing the hits to retail investors who don’t have much understanding of how the process actually works. They obviously fail to announce the misses and I think this is characteristic of the many dubious biotechs on the ASX.

Compare this to other biotech companies (not that there are many great ones on the ASX) who are able to present a logical sequence of experiments and some sort of roadmap towards commercialisation (albeit usually over ambitious). PAB just seems to make random announcements with no indication of how this agent could ever 'reach the clinic' in 2019.

TLX is one reasonable example of a company which issues realistic announcements relating to actual clinical and commercial milestones (I don’t and have never held shares). Look at MSB or SRX in the early days too.