blockbuster drug....price 0.14...target 1.60

Please do your own dd.....

Analyst comment:

Biotron is inexpensive given our valuation: Based on the potential of Biotron’s compounds in HIV and Hepatitis C alone, we conservatively value the company at $1.85 base case and $4.48 optimistic case. Our 12-month share price target price for the stock is $1.60 per share. This target price is more than six times more than the current share price.


Biotron Limited (Bit.ax)
Marketcap: 13 million A$
Price : 14 cent

HIV trial start Phase 1b/2a in 2Q 2008 results in 3Q 2008

HCV/Hepatitis trial start Phase 1b/2a in 2Q 2008 results in 3Q 2008

PRESENTATION OF BIOTRON’S HIV AND HCV PROGRAMS AT
INTERNATIONAL PARTNERING MEETING

The Directors are pleased to advise that Biotron Limited ('Biotron') has presented details of its HIV
and Hepatitis C virus (HCV) clinical programs at an international partnering conference this week.
The 5th Anti-Infectives Partnering & Deal Making Summit, held in Philadelphia, PA, USA, is an
infectious disease partnering and business development conference that gives global biotechnology
and pharmaceutical companies an opportunity to network with high-level executives from top
pharma and various biotech/pharmaceutical companies, as well as to explore potential
collaborations and to learn about relevant anti-infective issues and deals that affect the industry.
Biotron's abstract was the only one selected to be presented as an oral presentation at this
conference, which included audience of experts from leading organisations such as AstraZeneca,
Boehringer Ingelheim, Eli Lilly and Company, Global Alliance for TB Drug Development,
GlaxoSmithKline, Human Genome Sciences, Merck, Novartis, Wyeth, and many more.
Biotron's Managing Director, Dr Michelle Miller, presented an overview of the Company's HIV
and HCV programs, as well as a summary of data from the Phase I clinical trial and outlined the
clinical program set out for the rest of 2008.
As previously announced, the Phase I trial was successful, indicating that BIT225 was well
tolerated, with no dose limiting toxicities. Preliminary analysis indicated that potentially
therapeutic blood levels of BIT225 were achieved, based on calculations extrapolated from
preclinical in vitro antiviral efficacy studies.
BIT225 is a new first-in class drug in development for treatment of both HIV and HCV infections.
It offers the potential to significantly advance treatments of both these debilitating infections. The
market for both these diseases is very large, with the worldwide market for HCV currently almost
US$3.0 billion. The US market alone for HIV is over US$3.3 billion.
2
The acceptance of an abstract for oral presentation by Biotron at this international partnering
meeting demonstrates the high level of international interest in the Company's programs. Biotron
is currently progressing documentation for two new human trials of BIT225 through regulatory and
ethics approval processes. Upon approval, Biotron will commence Phase Ib/IIa clinical trials in
both HIV and HCV infected subjects. It is expected that these trials will commence in the second
quarter of 2008 and will run over approximately 6 months.