Hospital Test Results. We have completed our first preliminary tests at Auckland City Hospital. In blind trials we tested saline and four oncology drugs at full concentration. All 5 drugs and solutions were successfully identified in blind trials. This is a great first step.We also tested doxorubicin an enantiomer (mirror image) of one of the 4 drugs epirubicin. They could not be told apart. Both drugs are used to treat breast cancer and deliver similar results. The next step is to collect more data and conduct tests using a series of increasing dilutions as we continue to work on improving the repeatability/resolution of our measurements.
Shareholder Sale. The company’s share register will be updated next week regarding the Kees Klein share sale. This process took a little longer than anticipated due primarily to delays in receiving documentation. The offer was oversubscribed, so apologies to those shareholders who did not receive the full amount they requested.
Further Capital Raising. We are continuing to seek a minimum NZ$2m of new investment,. Given the progress made since the last time new shares were issued we are seeking new investment at $3.87 per share, at a pre-money company valuation of NZ$13m, i.e. a 41% increase on $2.75 the last share issue price. We have one party prepared to invest $100,000 at that price and a number of others expressing interest.