the following are notes from the agm

This report was posted by IVY on Sharescene. Many thanks to IVY for taking the time to report back from the AGM and sharing this information.

The following are notes from the AGM.

Arriving early, I was fortunate enough to speak briefly with SC then Tony Kiernan who
introduced me to Dr. Hung.

Tony Kiernan conducted the normal business and all resolutions were passed.
He then spoke about the phase 1/2a trials explaining that they were conducted
in 3 stages. The first group of patients were given an infusion for 2 hours. The
protocol was increased to 4 hrs in the last group. Doses were increase from
1ml - 3ml/kg body weight.(that could be .1 and .3ml I am afraid I can't read my
own writing)

The trial results will be out soon. - No comment on exactly when.

The Psoriasis trial is entering the third stage of phase 1. This will take
56 days, which is two cycles of skin renewal.

Immunology - these studies are to address the re-occurrence of cancer.

Dr Hung introduced himself. He was educated at Harvard and another
university which I couldn't catch as he is softly spoken. He is qualified in
Cardiology, Haemotology and specialised in Oncology. He was with Chiron
then headed Prod-Duct in 1998. The achieved FDA approval for the early
breast cancer test in 2000. I have more notes on this but they are a bit
confusing so I won't post till I clarify.

His aim is to help with the development of Solbec in the U.S. He will guide
the company on the road to FDA approval.

One of the shareholders asked him if he was representing another company
or interest. He said that he had met SC on one of his trips to the U.S. He
was very impressed with Solbec's science and was excited to be part of
the company. He was not representing any other company but was
independent.

SC addressed the meeting.

He started by telling us why the company was looking at immunology.
He talked about cancer and how even after successful therapy there could
still be undetected cancer cells in the body. It was not unusual for a patient's
cancer to return after a period of remission. When they did the Special Access
Patients they found that although patients who had finished their treatment,
still had cancer burden, they were still alive 2 to 2.5 years later. They knew
the drug must also be priming the immune system.

The current mouse studies looked at CpG compound. They have tried TLR3
TLR7 then TLR9 which was the one with 5 mice.

The great breakthrough is not the remission, they saw that in 3 but the fact
Mouse 5 did not develop cancer after they reintroduced mesothelioma into
it after being cured. The protocol has still not been optimised. This will be done in
the next lot of studies.

One of the shareholders asked if this was just a one off. Prof Papadimitriou
said he was confident they would be able to replicate, The next lot of studies
will be finished in April.
This is quite a breakthrough according to the TIG group who are
carrying out the research. (TIG is run by Bruce Robinson) Everybody is
excited (even TURBO who nearly fell off his chair ! ). SBP now have another new platform.

One S/H asked why Special Access was not being done now and was told that
was because patients would have the option of going on trials.

Another S/H asked about interest from potential partners etc. SC said that
in the last 5 weeks 4 of the 5 big pharmas had been in touch to find out how
the trials were progressing. 7 out of 10 of the biggest are in touch with the
company. He stated that partnering would be delayed as long as possible to
get the best deal. The ideal thing would be to get a deal for the psoriasis first
as this was quickest and would provide $$$ in upfront payments.

One person asked about James Hardie. SC said that James Hardie had been in
contact with the co for the last two years with a view to earmarking some research
$$. They had already provided Bruce Robinson with money for mesothelioma
research. In the light of what has happened recently he thought it was now unlikely.

A question was raised about patents for the devil's apple plant. If someone came
along with a mutant strain could they override the patent. The answer is that the
plant it not patented but the chemicals the co needs for the drug development are . Also
the method of extraction etc. Tony Kiernan said that they regularly met with the
Patent Attorney and had a meeting with him only yesterday.

Someone asked about competition. He said there were 400 cancer drugs in
development. They work by different modes of action, some are better than
others. The main risk for all the companies is that the drug is safe, works well
enough to get to market. The cancer market is growing and there is room for
more drugs. What treatments suits one person will not suit another.

Another S/H asked if the co was susceptible to a takeover. The answer was
that it was a difficult question. Market cap is low and the co is cheap. Anything
can happen.

Co to be listed in U.S ADR Level 1 next year.

Co has applied for grants in both Australia and the U.S.

Dr. Nagourney's studies are in progress in L.A.

Note whatever cancer shows the best results will be the one first tested in stage 2!!!!
It was once again re-iterated that we will be progressing to Phase 2 as all endpoints
for stage 1 have been met.

If I think of anything else I will post later.

IVY

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