To be honest, this was their second attempt at replying to me....

To be honest, this was their second attempt at replying to me. The first was the usual "Unfortunately, under the selective disclosure obligations of the ASX we are unable to respond to enquiries in a private email about matters which are not in the public domain. We will continue to promptly disclose any material developments to the market as they arise"

I had to write back to this and clarify that all my questions could be addressed in general terms without breaching disclosure rules.

I have sent another follow up enquiry regarding the statement "Management continues to pursue out-licensing opportunities"

And whilst i have read all of their information etc and tried to draw conclusions through LC statements and shareholder presentations, There needs to be a tangible and measurable way for out-licensing progress to be reported to shareholders. IMU management has been assuring us of progress in this area for years without achieving meaningful results. For the past three years, shareholders have been told that ongoing discussions with big pharma are taking place, with assurances that IMU are in contact with them "day and night." Despite this, a product that has completed Phase 2 trials remains unsold. This raises questions about the effectiveness of these efforts and the company’s ability to deliver on a deal or licensing agreement.