2005 Milestones Our previously stated key milestones for 2005,...

2005 Milestones Our previously stated key milestones for 2005, as listed below, remain unchanged as the priority focus for management. �� Continue the development, regulatory trials and dossier preparation for the lead products – the priority product is the Poultry Productivity Enhancer �� Settlement of sub-license arrangements for the Poultry Productivity Enhancer �� Efficacy, dose and administration timing trials of the Bird Flu vaccine �� External evaluation by major animal health companies for the two pig vaccines prior to entering into sub-license negotiations �� Continue development of the Receptor Mimic Technology products, the objective being to turn the laboratory potential into a range of commercially viable products Corporate At year end the Company’s cash reserves totalled $4.3 million after net operating cash outflows for the 12 months of $1.6 million, representing a historical ‘burn rate’ of approximately $136,000 per month (20% under budget for the financial year ended 30 June 2005). The revised burn rate for the next twelve months is budgeted to average $185,000 per month. Yours sincerely