Ann: Race Oncology Share Purchase Plan Opens, page-315

No one has ever said it is a black flag. All we have said is if we have to scale back allocations due to an oversubscription that we will take into account a range of factors including buying and selling in the the SPP period. We want to reward our long term supportive shareholders, not traders and flippers. We want more investors happy to join us on the journey we have laid out, and fewer shareholders trading and manipulating the SP.

The reason why we want more investors is that biotech is an area that needs patient and long term focused capital to succeed. One of the big structural issues holding Australian biotech back is biotech stocks are seen as more of casino and less as investments. Many biotechs are pumped and dumped by traders burning lots of new investors who then swear to never invest in another biotech stock ever again. For a sector that needs lots of patient capital to succeed this is not good.