Document date: Wed 06 Nov 2002 Published: Wed 06 Nov 2002 20:27:38 Document No: 227279 Document part: A Market Flag: Y Classification: Response to ASX Query BIOPROSPECT LIMITED 2002-11-06 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++ RESPONSE TO ASX QUERY
We refer to your letter dated 1 November 2002 in which the Australian Stock Exchange ("ASX") requested further information in relation the Company's 30 September 2002 Quarterly Report ("Appendix 4C") and its financial circumstances.
The Company responds to each of the queries in corresponding numbered order as follows:
1. The Company's Quarterly Report "Appendix 4C" for the period to 30 September 2002 reported a cash balance at the end of the quarter of $277,000.
During the month of October, the Company has completed capital raisings totalling $865,008 (before costs). This number added to the opening cash balance as at 30 September totals $1,142,008. The Company estimates that it will incur operating expenditure for the coming quarter of approximately $600,000.
On this basis, the Company should have adequate cash to fund its activities beyond the coming quarter.
2. As indicated above, the Company will, during the December quarter, continue to have negative operating cash flows. The Company estimates this figure to be approximately $600,000.
This figure represents a 36% decrease in costs, which reflect the cost savings available to the Company from the re-structure of the science function. The Board continues to closely monitor the Company's expenditure levels.
The Company has successfully raised a further $865,008 (before costs) during the month of October via a Share Purchase Plan. The Company has several capital raising initiatives available to it should the Company require to raise further capital in the future.
3. The Company confirms that actual expenditure for the quarter ending 30 September 2002 was in line with anticipated expenses for the reporting period.
4. Not applicable.
5. The Company confirms that it is continuing with the business objectives of the Company as set out in the Company's prospectus of 24 November 2000.
The key focus of the Company currently is the commercialisation of Qcide.
Following the successful completion of the current field work being carried out by Nufarm and Sumitomo, the Company expects to be in a position to sign long-term commercialisation agreements with these companies in regard to Qcide in the early 2003, based on the geographical and market segment requirements of each company. The Company anticipates that these agreements will comprise upfront licence fees, milestone payments and royalty payments for BioProspect.
6. The Board of Directors confirm that the Company is in compliance with the ASX Listing Rules and in particular Listing Rule 3.1.
7. The Board of Directors believe that the Company's financial condition is adequate in accordance with ASX Listing Rule 12.2.
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PBO Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held