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The work completed during 2016 and 2017 has resulted in a better and more reliable assay
than was the case when the IM was published in November 2015. Management are
confident that these changes of will lead to a technologically improved product, and to an
earlier Liquidity Event than might have occurred under the original program, albeit at the
expense of a narrower series cancers which have been tested. The cost to arrive at this
result is expected to be significantly lower than was the projected in the Information

If the level of funding is improved and if, as there should be in accordance with the funding
trajectory agreed with Keyholder Funding Limited surplus funds after engaging in the basic
program outlined above, Management intends first to reduce the time to complete the
development program, and then to add further studies in additional cancer types.
Management believes that with a rate of funding significantly above the minimum
comfortably required to complete the above program, the time to completion can be
reduced by 6 to 9 months, with proportionate time savings over the total time period of the
studies to be completed.

During Q4 of 2017 and Q1 of 2018, the R&D team has continued the development of a
new and exciting platform that we have named ImmunoINTEL. The platform is a multiparameter
flow cytometry-based immuno-oncology biomarker platform best positioned to
(a) phenotypically characterize all cells present in the tumor microenvironment and provide
critical metrics to better stratify intra-tumoral immune responses, (b) to establish a systemic
immunological profile of cancer patients as it relates to the planned tumor immunotherapy,
and (c) to give a comprehensive and objective biomarker-based report to physician, a
report that is tailored for a specific immunotherapy and patient.

The R&D team has qualified over 140 different antibody fluorochrome conjugates for
phenotypic identification of immune cells as well as quantification of immune-oncology
relevant Immuno Modulatory Receptors (IMR), activation markers and functional markers.
Flow cytometric panels have been constructed allowing characterization of all cell
populations present within the tumor microenvironment including T Cells (Tregs, Helper
and Cytotoxic), B Cells, NK Cells, Monocytes, Macrophages (M1 and M2), Dendritic Cells
(Myeloid and Plasmacytoid), Myeloid Derived Suppressor Cells, Endothelial Cells and
Mesenchymal Cells in addition to the tumor cells. The R&D team is currently conducting a
study (Study 201700089) to evaluate and characterize all tumor and immune cells present
in human tumors from patients diagnosed with Melanoma, Breast, NSCLC, Renal and
Ovarian Cancer.

Data collected from this study will be used to generate a Business Development Slide Deck
to engage discussions with Pharmaceutical Collaborators and Academic Research
Institutions to provide ImmunoINTEL as a fee for service and/or to partner with
collaborators in their upcoming clinical trials.

In summary, it remains the belief of Management that the Company has potentially world
beating technology which will take 2 years to its first value inflection point and 5 years to
its final inflection point, at a reduced cost as compared with the development program as
originally envisaged in the Information Memorandum, and with a technologically improved
assay, which will enable true personalized medicine for the first time in the field of

The addition of the ImmunoINTEL platform has already captured the attention of Key Opinion Leaders
and prominent research institutions and pharma companies.