THE BUY CASE, page-8

Well I play a lot of sport so thanks for the advice but I also have a fair bit of time on my hands as I don't have to work these days due to my successes in the market.

So I've just looked over the quarterly and IMO the 6 page activities report is one of the more "puffed-out" announcements I've read in a while and IMO 6 pages could quite easily have been condensed to a few paragraphs. As a biotech company you can't promise the world and spend $34k on R & D for an entire quarter without in reality delivering an atlas with no pages.

The cash reserves were $714k but to get that figure they needed to pay someone a 16% fee to receive $546k of it. If you took that figure out the balance would have been $168k. The fee to get those funds is $104,000 so basically they were committing to a $104,000 fee when the cash balance was $168,000 that's how desperate that R & D money was.

In the highlights section of the MARCH quarterly this was said : "Work has commenced with Ingenu CRO Pty Ltd (“Ingenu”) as the Contract Research Organisation (“CRO”) in planning for the commencement of the clinical trial programmes for IRX616a and IRX211. The commencement of the Phase 2 clinical trials for each drug-device candidate will, however, be subject to further capital raising.

On page 2 of the JUNE quarterly this was said: "Capital requirements: The Company has recently turned its attention to the need to raise additional capital in order to execute on its phase 2 clinical trial plans within the anxiety and pain programmes. The Company has reviewed the runway and plans to raise capital in early Q4 to fund the Phase 2 IRX616a activities.

On page 2 of the SEPTEMBER quarterly this was said: "Capital requirements: The Board reviews its capital management requirements as a standing agenda item in monthly board meetings. With upcoming strategic priorities, including to execute on its phase 2 clinical trial plans within the anxiety and pain programmes, the Board is assessing several alternative capital management opportunities to raise additional capital, including equity funding. The Company is confident it will be successful in raising additional capital to fund the commencement of Phase 2 clinical trial activities for IRX616 and other value accretive projects.

On page 2 of todays' DECEMBER quarterly this was said: "Capital requirements: The Company has continued to develop its plans for raising additional capital in order to execute on its phase 2 clinical trial plans within the anxiety and pain programmes. The Company plans to raise capital in the coming months to fund the commencement of Phase 2 clinical trial activities for IRX211. The Phase 2 clinical trials for IRX616a Company are expected to commence later in this calendar year, subject to a successful further capital raising.

So for FOUR consecutive quarters it has been stated that the company is going to raise money, planning to raise money and in order to execute needs to raise money BUT the only thing they haven't done IS RAISE MONEY.

I'm going to go as far as saying I have never seen a company say they are going to raise money for a full year. What I have cut and pasted from the 4 consecutive quarterlies clearly demonstrates in the company's words that the execution of the clinical programs is dependent on raising capital. So with that being the case why haven't they? The only conclusion that an unbiased investor looking from the outside could conclude is that they haven't been able to and in turn that their has been insufficient demand from the investment community to facilitate the capital raise IN ORDER TO EXECUTE. In reviewing all 4 quarters I tallied up the total that Ingenu CRO has earned which totals $888,000 incidentally.

And in the meantime the price has gone from 6 to 2.5 with no liquidity to speak of.

IMO It defies total logic that anyone would have chosen not to raise capital over this time. It's either very poor management or simply money can't be raised for this clinical pipeline.

WW