Hi Mastatrada,A good question. We seriously consideredcompleting...

Hi Mastatrada,

A good question. We seriously consideredcompleting the trial in Europe over the Northern Hemisphere winter, as thiscould have saved us a few months compared with restarting with existing AU andSouth African sites next March. However, it was too hard from a timingperspective (the earliest any EU site could have started was Jan 2023), toocostly (with the current x-rate), and the tyranny of distance made us concernedabout the risk associated with untested EU sites; besides the time saving wasprobably no more than 3 months. Meanwhile we have well-tuned andquality-curated sites in Australia and South Africa that are ready to go asearly as March next year and hopefully complete the study by June/July.Meanwhile, the pause gives us a welcome opportunity to make any tweaks beforewe re-open recruitment.

I can't really comment on the "currentSP action" or any "market concerns" that it might reflect.However, I will say that the Firebrick proposition has not changed since theday we listed, when the SP closed at 53 cents.

Since then, we started the two trials we promisedto start. The key Phase 3 common cold trial is 50% successfully recruitedwithout any problems or negative outcomes. We are now confident about completingrecruitment in the first half of 2023 and feel overall risk has been reduced.

Our third key project - theappeal against TGA's initial decision - has progressed to the AAT. As Ihave indicated previously on this site, we remain confident in our position onthis appeal, and are keen to see the process reach a conclusion as soon as possible.

From our perspective, we remain at least asexcited about the long-term prospects of Firebrick as we were at listing.