Ann: Appendix 4E & Annual Report, page-2

Lets hope $16.2 million is indeed enough to fund the self-funded DFU and GvHD trials if a clinical partnership doesn't ensue. CYP a selection of call options for me, my main interest in its funded knee OA trial, though the Leiden renal trial a great addition.

If Ross and Co. hadn't stupidly chased COVID like 2,000 other companies on the planet (such a crap strategic decision) they'd have had more $$ in the coffers for DFU and GvHD, but a raise was always required. Its so telling the Insto' at $0.215 and the retail all the way down at $0.155 to which the SP has visited since but never held.

Washer and MacDonald walk away with millions of shares each - not golden parachutes, a long tenure of self awards which shareholders didn't protest with AGM votes. I can't see either selling any time soon, unless a the 40 foot Bermudan sloop is just not enough boat for retirement.

Feel sorry for long term holders. The Sumitomo deal of 2019 distant memory. I wonder if they'd have any interest now Ross and Washer gone? They'd pick it up for peanuts here. Anything cash flow negative just punished in the credit cycle squeeze, but at $24 mill, the Sydney Uni OA knee phase III trial alone, near recruited and funded trial, surely makes this a screaming IP buy for some company with the moolah and inclination. Perhaps as they near full recruitment (late 2023) in the biggest phase III trial of its kind, some commercial arrangements will emerge.