PBO panbio limited

Annuncement

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    Response to ASX Query re Appendix 4C

    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.

    T King
    COMPANY SECRETARY

    MORE TO FOLLOW

    --------------------------------------------------------------------------------

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