Ann: Proteomics signs binding LOI with Sonic Healthcare USA, page-12

I took the opportunity to get out before the raise on this one guys, while I am not disappointed with this partnership I do get the sense that meaningful revenue is still 12-24months away. With annual net cash flow negative circa $2M and rising, revenue from analytics division has been fairly flat for the last 3 years and there has been no major contract wins this year so far. KOL needs to be paid, more senior leaders on the board and more studies on the horizon for Endo etc - all this means more working capital needed.

No mentions of FDA submission, believe it or not its been 17months since they announced intention to submit FDA approval for IVD and they still have not submitted it, so something doesn't sound right there. Last mentions of FDA were pending ISO completion; which they since confirmed 2 months ago but still not FDA update. US rollout is only for LDT kit - would be interesting to know how many CILA labs SH have in the US.

Great company but when I look at this with macro events and recession predictions in Q4, I would rather take profits now instead of suffer the dilution that is to come. Hope you all understand, I have been a strong supporter of PIQ and will be back after the raise.