From the Professor..., page-59

I don't think retail will ever get another opportunity to invest in IMU via a CR, SPP or any other way other than on market via full shares or oppies. You have to remember retail shareholders are just barely tolerated by a company, yes we are part owners in the company but contribute very little compared to the conditions we command via ASX rules.

Particularly in a pre revenue Biotech stock, if what you have is good and data is promising there a plenty with very large pockets will chip in, aka the last $80m institutional placement in Sept 2022. In the 2023 January letter to SH PH said we have $160m in the bank more than enough for several years of funding more than most companies on the ASX.

In the July 2023 newsletter PH stated "A solid balance sheet holding more than $150 million in cash, enough to keep investing in program development for more than 2 years."Barely one month later boom a trading halt and a capital raise for Azer-cel, and bang SP of 3.9c. Trials progress, good news share price heads north,8 months later IMU sells manufacturing plant which was acquired less than 12 months prior, share price heads south.

So you can see things change rapidly, so if anyone says they know what's going on, it's wrong only management know where we are at, but one thing for sure if good news comes from trials share price will head north again.

In the July 23 newsletter PH said "We have sought to increase further our visibility and communication with the market in 2022, and will continue to do so in 2023, particularly in the US. Well Mr PH here we are in May 24 and no newsletter since July 23 surely us lowly retail shareholders domiciled in Australia deserve some form of update given the promises of improved investor relations.

We saw information announced via a broker newsletter in April yet nothing to the faithful retail plebes surely given the recent SP slump we can have a smidgen of news even if only what was provided to a broker.

Keep the Faith.