tolhurst report now available-must read

Everybody interested in Chemeq should take the time to read the latest Tolhurst Noall report which is available on Chemeq's web site. The link is below. I have copied what I think is an entree to reading the full report. Perhaps the UBS analysts should also do their homework.

http://www.chemeq.com.au/Tolhurst%20Noall%20Report%20Sept%2003.pdf
Forthcoming Milestones

Manufacturing plant commissioning – October 2003

Anticipated approval in Thailand for pigs – end 2003

Anticipated approval in South Korea for pigs – end 2003

Anticipated approval in Thailand for pigs – end 2003

Anticipated APVMA approval in Australia for pigs – end 2003/early 2004

Anticipated FDA approval for pigs – mid 2004

Anticipated approval in UK and Europe for pigs – 2nd half 2004

The Applications for approval in the major jurisdictions for antimicrobial use in chickens

has begun and these are expected to follow in due course.



Recent Share Price Volatility

Over the past few weeks Chemeq’s share price has experienced a degree of volatility.

Positive aspects of this volatility have been the result of a combination of a number of

factors including, improvements in the US biotech sector, re-emergence of risk capital, a

better understanding of the company’s potential and favorable company announcements.

Much of the negative market sentiment has been the result of inaccurate and ingenuous

commentary in the press. However, the market generally has seen price weakness as a

buying opportunity.