Ann: September 2022 Quarterly Update and Appendix 4C, page-12

"I can only guess that TFS are determined to keep our technology low key with regards to them."

This, with respect, is almost certainly the only reason why larger firm's ask for their good name to not be associated with smaller firms.

Thermo Fisher Scientific, might not want to be publicly associated with PTXs science on an ongoing basis, simply because they deem the science still incredibly risky given (and let's be honest) it is still very early days for PTX.

PTX have much more to gain from being associated with TFS whereas TFS have nothing to gain from being associated with PTX. Nothing at all.