Key Points

Key things I noted from the AGM/Annual Report:

The AGM resolutions look okay to me. It is good to see the comments for proportional takeover rules genuinely attempting to look after shareholder interests. The explanation for changes to issue of preferential shares concerns me, especially if there is an intent to issue preferential shares as part of a partnering deal.

HA-I phase III has administered over 5000 therapies. By my math, this is an average of about 12 cycles per patient (experimental and control combined). Given we would expect the experimental group to significantly exceed this average, this sounds very promising.

Management are considering all options in the event of a successful pIII - debt/equity raising, monetisation, and a partnering deal. This is good. Talk of an aggressive approach to partnering is a little concerning if it impacts negatively on the terms of an agreement for ACL owners. Other than that, it is very positive.

Work on new manufacturing and product presentation for HA-I to improve doseage and product quality control sounds very good - I especially like the comments that the novelty of the presentation could see a HA-I patent extension to 2033!

Very keen to hear anything that others may have noted.