Helping Biotron to Do Better and Deliver Tangible Results: Shareholders Call for ASIC Action and Regulatory Scrutiny, page-103

You're playing your part, which is commendable. Some of the sharpest and most persistent voices in this saga weren’t even shareholders. Many of our brilliant non-holders had been warning early about the need for a capital raise (CR). They were criticised at the time, but in hindsight, they were absolutely right. They should be proud of the role they played in raising awareness—even when others dismissed them.

Meanwhile, most shareholders were waiting for the final trial results and analyses to be released. Instead, we were met with long delays, excused by references to COVID-related work pressure and a “complex data set.” Then, suddenly and without warning, Biotron announced the C14 process in November 2024. After months of silence, this was positioned as a new path forward—yet it was followed by more silence, and still no apparent concern for financial management.

It appears that during this time, Peter Nightingale was disengaged, perhaps involved in other work, while still drawing a salary from Biotron. The pattern of getting paid while doing very little has unfortunately become a defining trait of Biotron’s leadership.

The introduction of C14 seems to have been used to cover up the operational failures of Michelle Miller. She failed to select competent CROs and couldn’t get them to deliver results. Instead of owning that failure, the company brought C14 in as a distraction—shifting focus away from internal issues, particularly Michelle’s missteps. But this misdirection only made things worse. When the company finally admitted it needed cash, it was too late—the timing was off, the trust was gone, and they had fallen into financial quicksand.

They may have initially hoped to raise funds at 1 cent per share. But the mismanagement and silence sank any chance of that. The result? A disastrous raise at 0.3 cents per share. An outcome that punished loyal shareholders and wiped out years of value and belief.

This experience has been a life-changing lesson for me: never invest in early or mid-stage biotechs like Biotron without proven governance, transparency, and execution. I’ve taken the feedback from my own mistakes and moved past the fear of admitting loss. Michelle’s sudden decision to raise capital at 0.3c has left me with almost nothing—but that experience gave me something else: clarity, accountability, and a powerful lesson in market survival.

I will continue to offset my capital loss on Biotron against future gains—meaning the government won’t see tax from me for quite some time. But more importantly, the government should direct its attention where it matters: Biotron’s management. Those responsible for misleading shareholders, delaying disclosures, and engineering this outcome should be held accountable. Multi-million dollar fines to the Biotron people surviving through manipulation would be a start—not just to deliver justice, but to recover a small part of what was drained from the market through deceit.

I’m not here to complain. I’m here to create awareness. To play my part. And then step off the stage—with patience, clarity, and the life lessons I’ve earned.