ASX Announcements

Notice of change of interests of substantial holder

The attached Appendix 3G records the issue of options to staff.

It has come to our attention that there was an error in section 3B.8b regarding the exercise price of the unlisted options issued to employees. The correct issue price is $0.022. All other information in the Appendix 3G remains unchanged.

At today’s board meeting CEO and board member Dr Ken Taylor notified the board of his intention to retire as CEO in July this year.

The company ended the quarter with a cash balance of $2,308,702 compared to $2,524,461 in the previous quarter.

Net operating cash flow in the quarter was $(213,704) compared to ($ 440,109) in the previous quarter. Receipts from grants and tax incentives were $472,159 higher than the previous quarter $79,153 due to receipt of NZ$472,000 from the New Zealand Inland Revenue department for R & D tax credits.

Operating payments this quarter of $690,100 are higher than last quarter $536,712 but do not include any milestone payments to the University of Auckland.