Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-10

Safe to say some LTHs are, and rightfully so, frustrated with Mgmt’s prioritisation and lack of urgency.

Personally, I’ve put MEM into the mental bottom drawer after a surprisingly fast retrace from highs after positive announcements end of last year, assuming bumps requiring patience until late 2022 or early 2023.

In my head, I’ve split this year into halves and two potential story lines once MEM announced the recruitment of Sales Manager (in progress).

H1 2022: MEM likely to be treading water, some SP consolidation as we currently are experiencing, however the Sales Manager confirmation and, more importantly, onboarding should see the momentum shift. Cap raise highly likely but likely secures funding for scaling Felix market adoption driven by Sales Manager.

Bringing on board a sales specialist before the product was validated may have made some but overall limited sense, including when considering low funds available. That being said, MEM could’ve started the recruitment process 3 months earlier to avoid this current scenario.

A lot of pressure to be on the Sales Manager’s shoulders.….

H2 2022: could be a totally different story line, increasing sales news flow tied to more widespread adoption led by dedicated sales manager - including new customers and repeat sales, now well funded to be able to market Felix aggressively and at scale, progress in other product lines (more revenue streams), positive (fingers crossed) results from Monash study opens market opportunities locally as well as overseas…

Now we may have a business with a growing pipeline, market regained confidence, we have funds and dedicated specialists in place driving commercial outcomes, who knows where SP might be by then…

Fundamentals haven’t changed here. Product is working, we’ve seemingly turned the right corner, and Biotech is no F1 car.

No advice, just my musings…

GLTAH