Annuncement

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

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

For best results when printing announcements, select landscape rather than portrait as your print option.

Retrieving the edited text of a company announcement indicates your acceptance of the conditions.


Terms of use | Privacy Statement
© Australian Stock Exchange Limited ABN 98 008 624 691


S&P/ASX indices
Share prices
Recent company announcements
Past company announcements
Dividends
Most traded stocks
Trading volumes
Historical data
Company information
Listed companies
Charting
Delisted companies
Name & code changes
ISIN codes
Recent company announcements
Past company announcements
Shares
Options
Warrants
Futures
Interest Rate Securities
Managed Investments
Investing in overseas markets
ASX FundConnect
ASX settlement & the role of CHESS
Choosing a stockbroker
Company Profile
ASX announcements
Speeches & presentations
ASX share price
ASX Dividends
Check your ASX shareholding
Financial results
Publications
Corporate Calendar
FAQs - Shareholder
Contact Us / ASX Share Registry
Trading volumes
Upcoming floats
Recent floats
ASX courses
Learn about futures
Learn about interest rate securities
Learn about Managed Investments
Choosing a stockbroker
ASX Investor Day
ASX Investor Hour
ASX games
Calculators & tools
Information Source Guide
ASX / Dymocks Bookshop
Tax and Stamp Duty
Company Profile
Information for companies
Information for participants
Supervision
ASX Media
National Guarantee Fund
Publications
FAQs - About ASX
FAQs - About this site
Careers at ASX
History of the market
Trading Calendar
Contact us
Shares
Options
Warrants
Futures
Interest Rate Securities
Managed Investments
Investing in overseas markets
Choosing a stockbroker