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ANTEOTECH LTD Interim / Quarterly Report 2014

Feb 24, 2014

64304_rns_2014-02-24_6f5ffe6a-71b2-49a3-8037-9c45f787773c.pdf

Interim / Quarterly Report

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Anteo Diagnostics Limited Results for Announcement to the Market Appendix 4D - Half Year report given to the ASX under listing rule 4.2A

Current Reporting Period Half year ended 31 December 2013

Previous Reporting Period Half year ended 31 December 2012

Revenuefrom ordinaryactivities up 39% to $1,848,872
Profit / (loss)from ordinary activities after tax
attributable to members
down 16% to ($620,457)
Net profit / (loss)for the period attributable to
members
down 16% to ($620,457)
Dividends / distributions Amountper security Franked amountper security
Interim dividend -
$
-
$
Final dividend -
$
-
$
Record date for determining entitlements to the dividend
The directors do not propose or recommend the payment of a dividend
Not applicable
Not applicable

For an explanation of the figures reported above please see the attached Interim Financial Report.

These accounts have been reviewed.

This information should be read in conjunction with the most recent annual financial report.

Net tangible assets As at 31 December 2013 cents per share Net tangible assets backing per ordinary share 0.01

As at 30 June 2012 cents per share

0.00

ANTEO DIAGNOSTICS LIMITED AND ITS CONTROLLED ENTITIES ABN 75 070 028 625

INTERIM FINANCIAL REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2013

ANTEO DIAGNOSTICS LIMITED AND ITS CONTROLLED ENTITIES ABN 75 070 028 625

INTERIM FINANCIAL REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2013

Contents Page
Contents
Page
Corporate Directory 1
Statement of Cash Flows
8
Directors’ Report 2
Notes to the Financial Statements
9
Statement of Profit or Loss and Other
Comprehensive Income
5
Directors’ Declaration
11
Statement of Financial Position 6
Auditor’s Independence Declaration
12
Statement of Changes in Equity 7
Independent Review Report
13
CORPORATE DIRECTORY
Directors Mr Mark Bouris
Non-Executive Chairman
Dr Geoffrey Cumming
CEO, Executive Director
Mr Richard Martin
Executive Director
Mrs Sandra Andersen
Non-Executive Director
Dr John Hurrell
Non-Executive Director
Company Secretary Mr Shane Hartwig
Registered office 4/26 Brandl Street, Eight Mile Plains QLD 4113
Mailing address 4/26 Brandl Street, Eight Mile Plains QLD 4113
E-mail: [email protected]
Website: www.anteodx.com
Legal advisors ClarkeKann Lawyers
300 Queen Street, Brisbane QLD 4000
Auditors Grant Thornton
145 Ann Street, Brisbane QLD 4000
Patent attorneys Freehills Patent Attorneys
101 Collins Street, Melbourne VIC 3000
Share registry Boardroom Pty Limited
Level 2, 28 Margaret Street, Sydney NSW 2000
Insurance advisors Marsh Pty Limited
123 Eagle Street, Brisbane QLD 4000
Yellow Brick Road Wealth Management Pty Limited
1 Chifley Square, SYDNEY, 2001
Bankers Australia and New Zealand Banking Group Limited
3 Sherwood Road, Toowong QLD 4066

1

ANTEO DIAGNOSTICS LIMITED AND ITS CONTROLLED ENTITIES ABN 75 070 028 625

DIRECTORS’ REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2013

The Directors of Anteo Diagnostics Limited submit herewith the interim financial report for the half-year ended 31 December 2013. In order to comply with the provisions of the Corporations Act 2001, the Directors’ report as follows:

The names of the Directors of the Company during or since the end of the half-year are:

Mr Mark Bouris Dr Geoffrey Cumming Mr Richard Martin Mrs Sandra Andersen Dr John Hurrell

REVIEW OF OPERATIONS

The first half of 2014 financial year has been a positive period for Anteo Diagnostics. While existing projects continue with success, there has been considerable activity following the filing of new patent applications and an injection of an additional $5.5 million, raised through the placement of 44 million shares at 12.5c each. We are now in a stronger position and have begun introducing new projects, along with advancing the significant commercial projects with leading companies in the Point-of Care sector.

The Anteo and Mix&Go™ brands will strengthen as we move our development and commercialisation work for Mix&Go into new areas.

Our technology is now more widely recognised as an Australian innovation success story and in the marketplace, as its unique properties and diverse potential uses become more widely understood.

There has been a measurable increase in the target market’s exposure to Mix&Go as a result of the ongoing demonstration by our scientific team, particularly in environments where traditional approaches are inadequate with increased miniaturisation.

There is growing understanding of the vastly superior outcomes and potential of the product as it offers exacting control of minute nanoparticles (less than 20nm), a problem that has been unable to be solved by even the largest research organisations.

With Mix&Go healthcare companies are now able to move from resolving the technical issues of assay development to integrating the specific biology for their particular assay platform.

6-MONTH SNAPSHOT

New Patents Pending

The continued development and refinement of Mix&Go has led to a better understanding of how it can be utilised. This has enabled us to explore new opportunities in the Life Sciences and other industries, resulting in the filing of new patents that we are exemplifying.

Marketing and Sales

We have commenced the sale of our own products. This is the beginning of a product pipeline divided into three general types:

  1. Mix&Go Solutions for researchers who are interested to test our “glues” for novel applications.

  2. Simple and fast methods to prepare antibody, and other protein, coupled particles of different sizes. Currently no such ‘Universal Binding’ kits exist in the market.

  3. Protein coupled microtitre plates and particles to exemplify that Mix&Go can produce “best in class” products.

The first product to launch was AMG Streptavidin Plates and Beads, from 3 above . Other products will be progressively released.

Brand Development and Market Outreach

By providing the market with ready-to-use research tools we will not only generate sales revenue, but more importantly we will actively engage research and development teams that will gain a hands-on understanding of

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ANTEO DIAGNOSTICS LIMITED AND ITS CONTROLLED ENTITIES ABN 75 070 028 625

DIRECTORS’ REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2013

the unique capabilities of Mix&Go. Combined with other efforts, this step will be instrumental in broadening the market awareness, knowledge and excitement about our technology.

What distinguishes Mix&Go

Mix&Go is easy to use and provides incomparable stability. It is reproducible, more sensitive and does not damage delicate biomolecules.

Mix&Go provides previously unheard of control and efficiencies across the board. The elements which clearly distinguish it from other approaches are:

  • Simplicity and versatility

  • Mix&Go functions in a benign neutral environment, that is, water, organic solvents, high vacuum or high energy techniques are not required, but they are common in traditional methods.

  • Mix&Go provides the ability to control reaction speed and manipulate surfaces of all sorts of materials using different Mix&Go variations.

Nanotechnology and Mix&Go

Mix&Go is a truly innovative and unrivalled technology. It is an example of refined Nanotechnology that outclasses traditional technologies.

Nanotechnology is a branch of technology that deals with the engineering of functional objects at nanometre or molecular scale. Today, Nanotechnology is a common term used in many different fields and specialties, including engineering, chemistry, electronics, and medicine.

Obviously, “glues” that are thousands of nanometres thick cannot be used to construct objects that are hundreds of nanometres in size or smaller. Mix&Go forms mono-layer films of less than one nanometre that can act as protective coatings or glues to bind both synthetic and biological materials together.

To put this in context a nanometre is is one billionth of a metre, so if the diameter of a marble was a nanometre, then the earth’s diameter would be just one metre.

Anteo is a leader in Australian Innovation

Since the inception of our company in 2000 the Anteo team has been researching and developing our technologies in a specialised and advanced new area of science that has evolved as part of nanotechnology in the last 25 years; Supramolecular Chemistry.

Supramolecular Chemistry researches interactions between molecules: how they can recognise each other, assemble and function on a molecular scale. It provides a bottom-up approach to nanoscale systems with applications ranging from biology to materials science. This highly specialised process led to what is today, Mix&Go.

This extensive research and development at the nano and supramolecular level over more than a decade has resulted in a vastly superior technology.

Latest Developments

To date, the Mix&Go tool kit has been totally focused on immunoassays, that is, binding delicate proteins on synthetic surfaces without damaging their structure and function. More recently, we have been exploring the use of Mix&Go to construct complex nanoparticles by combining 200 nm magnetic particles with 10 nm quantum dots. Similarly, Mix&Go has been used to create gold films on glass using colloidal gold particles of 40 nm.

This latest development creates a vivid picture of what the future holds for Mix&Go. Now, synthetic polymers and nanoparticles, not just proteins, can be combined in all sorts of ways to vastly improve the performance of nanometre sized products commonly used in Life Sciences and other industries.

Using traditional approaches, the activities described would be extremely difficult, and in a benign environment, virtually impossible.

The efficacy of, and scope for, the applications of Mix&Go is established and assured.

3

ANTEO DIAGNOSTICS LIMITED AND ITS CONTROLLED ENTITIES ABN 75 070 028 625

DIRECTORS’ REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2013

Mix&Go is an excellent tool for controlling and managing interactions between differing or similar objects on a level and in a way that is efficient, stable and far superior to existing widely-used methods.

Mix&Go has a broad range of application both in Life Sciences and other industries. In every-day healthcare applications this means that previously complex tests, involving laboratories and logistics, could be completed and conclusive results achieved in an instant in the GP’s rooms, or at home.

We remain confident, as we follow the business plan that the strong opportunities outlined above will result in commercial agreements for Anteo.

We look forward to reporting further progress during 2014.

RESULT FOR THE PERIOD

The net loss after tax for the half-year ending 31 December 2013 was $620,457 compared with a loss of $736,327 in the same period last year. During the period a R&D Tax Incentive Rebate of $1,203,659 was received (2012: $1,164,415); Commercialisation Australia Grant of $431,632 (2012: nil); andOther Revenue from Operating Activities $160,862 (2012: $63,995).

As at 31 December 2013, the Company held cash reserves of $7,475,786 (2012: $4,197,362)

DIVIDENDS

The Directors have not declared a dividend to be paid during the period.

AUDITOR’S INDEPENDENCE DECLARATION

A copy of the Auditor’s Independence Declaration (as required under Section 307C of the Corporations Act 2001) is shown on page 12 and forms part of this report.

Signed in accordance with a resolution of the Directors made pursuant to Section 306(3) of the Corporations Act 2001.

On behalf of the Directors

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.............................................. Mark Bouris Chairman Sydney, Dated 24[th] February 2014

4

ANTEO DIAGNOSTICS LIMITED AND ITS CONTROLLED ENTITIES ABN 75 070 028 625

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF YEAR ENDED 31 DECEMBER 2013

Note
Other revenue from ordinary activities
2
Selling, distribution and business development expenses
Occupancy expenses
Administration expenses
Borrowing costs
2
Research and development expenses
Loss from ordinary activities before income tax
Income tax benefit relating to ordinary activities
Loss from ordinary activities after income tax
Loss attributable to members of the parent entity
Other Comprehensive Income
Total Comprehensive Income (Loss)
31 December
2013
31 December
2012
$
$
1,848,872
1,328,447
(640,423)
(465,030)
(83,637)
(70,991)
(347,363)
(279,285)
(38)
(3)
(1,397,868)
(1,249,465)
(620,457)
(736,327)
-
-
(620,457)
(736,327)
(620,457)
(736,327)
-
-
(620,457)
(736,327)
Basic earnings per share (cents per share)
Diluted earnings per share (cents per share)
(0.1)
(0.1)
(0.1)
(0.1)

The financial statements should be read in conjunction with the accompanying notes.

5

ANTEO DIAGNOSTICS LIMITED AND ITS CONTROLLED ENTITIES ABN 75 070 028 625

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2013

CURRENT ASSETS
Cash assets
Receivables
Other
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Property, plant and equipment
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Payables
Provisions
TOTAL CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Contributed equity
Share option reserve
Accumulated losses
TOTAL EQUITY
31 December
2013
30 June
2013
$
$
7,475,786
2,621,072
128,433
401,654
29,786
1,731
7,634,005
3,024,457
321,131
250,891
321,131
250,891
7,955,136
3,275,348
313,450
299,806
260,803
199,776
574,253
499,582
574,253
499,582
7,380,883
2,775,766
37,121,816
31,968,536
399,733
329,062
(30,140,666)
(29,521,832)
7,380,883
2,775,766

The financial statements should be read in conjunction with the accompanying notes.

6

ANTEO DIAGNOSTICS LIMITED AND ITS CONTROLLED ENTITIES ABN 75 070 028 625

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 31 DECEMBER 2013

Balance at 1 July 2012
Issued during the year
Options expensed for the period
Options lapsed for the period
Options converted to shares for the
period
Losses attributable to members of
the parent entity
Balance at 31 December 2012
Contributed Equity
Ordinary Shares
Options
$
$
$
$
31,808,049
312,892
(27,348,376)
4,772,565
103,500
-
-
103,500
-
33,234
-
33,234
-
(7,299)
7,299
-
1,048
(1,048)
-
-
-
-
(736,327)
(736,327)
Accumulated
Losses
Total
31,912,597
337,779
(28,077,404)
4,172,972
Balance at 1 July 2013
Issued during the year
Capital Raising Costs
Options expensed for the period
Options lapsed for the period
Options converted to shares for the
period
Losses attributable to members of
the parent entity
31,968,536
329,062
(29,521,832)
2,775,766
5,500,000
-
-
5,500,000
(346,720)
-
-
(346,720)
-
72,295
-
72,295
-
(1,624)
1,624
-
-
-
-
-
-
-
(620,458)
(620,458)
Balance at 31 December 2013 37,121,816
399,733
(30,140,666)
7,380,883

The financial statements should be read in conjunction with the accompanying notes.

7

ANTEO DIAGNOSTCS LIMITED AND ITS CONTROLLED ENTITIES ABN 75 070 028 625

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED 31 DECEMBER 2013

CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from customers
Receipt from R&D Tax Incentive
Grant receipts
31 December
2013
31 December
2012
$
$
216,865
61,895
1,203,659
1,164,415
706,335
-
Payments to suppliers and employees (2,303,889)
(2,042,842)
Borrowing costs
Interest received
Net cash (used in) operating activities
CASH FLOWS FROM INVESTING ACTIVITIES:
Payment for property, plant and equipment
Net cash (used in) investing activities
CASH FLOWS FROM FINANCING ACTIVITIES:
Captial raising costs
Proceeds from issues of shares, options, etc.
Net cash (used in) provided by financing activities
Net increase (decrease) increase in cash held
Opening cash brought forward
Closing cash carried forward
(38)
(3)
46,426
103,195
(130,642)
(713,340)
(133,251)
(75,972)
(133,251)
(75,972)
(381,393)
-
5,500,000
103,500
5,118,607
103,500
4,854,714
(685,812)
2,621,072
4,883,174
7,475,786
4,197,362

The financial statements should be read in conjunction with the accompanying notes.

8

ANTEO DIAGNOSTICS LIMITED AND ITS CONTROLLED ENTITIES ABN 75 070 028 625

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2013

1. Summary of accounting policies

Basis of Preparation

The half-year financial report is a general purpose financial report prepared in accordance with the Corporations Act 2001, AASB 134 Interim Financial Reporting, Australian Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 Interim Financial Reporting. The half-year financial report does not include disclosures or notes of the type normally included in an annual financial report and should be read in conjunction with the most recent annual financial report and any other public announcements made during the half-year in accordance with the continuous disclosure requirements arising under the Australian Stock Exchange Listing Rules and the Corporations Act 2001.

The accounting policies set out below have been applied in preparing the financial statements for the half-year ended 31 December 2013.

(a) Going Concern

As at 31 December 2013, the company had cash reserves of $7,475,786 The Board believes that based upon current spending forecasts there is adequate funding to provide for the Company’s requirements to complete its strategic plan and in any case beyond 12 months of operation.

2. Loss from Ordinary Activities
The loss from ordinary activities before income tax
expense has been determined after:
Depreciation of non-current assets:
Loss on write-off
Plant and equipment
Total depreciation of non-current assets
Borrowing costs:
Interest, other persons
Movements in provisions:
Employee benefits increase / (decrease)
Staff Remuneration
31 December
2013
$
-
50,900
50,900
38
38
61,027
31 December
2012
$
1,388
63,309
64,697
3
3
26,140
Salaries
Superannuation
972,469
88,921
794,446
69,788
Share Based Payments
Other Revenue from ordinary activities
Grants
Revenue from operating activities
R&D Tax Concession Rebate
Interest – other corporations
72,295
1,133,685
431,632
160,862
1,203,659
52,719
1,848,872
16,977
881,211
-
63,995
1,164,415
100,037
1,328,447

9

ANTEO DIAGNOSTICS LIMITED AND ITS CONTROLLED ENTITIES ABN 75 070 028 625

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2013

3. Operating Lease Commitments
Payable:
31 December
2013
$
31 December
2012
$
- Not later than one year
- Later than one year and not later than five years
289,844
887,284
291,479
1,225,200
Receivable: 1,177,128 1,516,679
- Not later than one year
- Later than one year and not later than five years
58,992
52,423
70,666
94,363
111,415 165,029

4. Events Subsequent to Reporting Date

There were no material events subsequent to Balance Date.

5. Options Issued

During the period 10,550,000 options maturing on 15[th] August, 2017 with an exercise price of $0.12 were issued to employees as part of the Anteo Diagnostics Limited Officer, Employee and Consultants Share Option Plan and a value of $49,945 was charged. On 31[st] October, 2013 9,000,000 options maturing on 31[st] October, 2017 with an exercise price of $0.12 were issued to directors in accordance ordinary resolutions of shareholders of the Company and a value of $22,350 was charged.

6. Equity Issued

On 19[th] December 2013 44,000,000 shares were issued at a price of $0.125 each, in accordance with a directors resolution.

10

ANTEO DIAGNOSTICS LIMITED AND ITS CONTROLLED ENTITIES ABN 75 070 028 625

DIRECTORS’ DECLARATION

In the opinion of the directors:

  • a. the consolidated financial statements and notes of Anteo Diagnostics Limited set out on pages 5 to 10 are in accordance with the Corporations Act 2001, including

  • i. giving a true and fair view of its financial position as at 31 December 2013 and of its performance for the half-year ended on that date; and

  • ii. complying with Accounting Standard AASB 134 Interim Financial Reporting; and

  • b. there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of the directors:

On behalf of the Directors

==> picture [115 x 31] intentionally omitted <==

............................................... Mark Bouris Chairman

Dated 24[th] February 2014

11

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Grant Thornton Audit Pty Ltd ACN 130 913 594

Level 18 King George Central 145 Ann Street Brisbane QLD 4000 Correspondence to: GPO Box 1008 Brisbane QLD 4001

T + 61 7 3222 0200 F + 61 7 3222 0444 E [email protected] W www.grantthornton.com.au

Independent Auditor’s Review Report To the Members of Anteo Diagnostics Limited

We have reviewed the accompanying half-year financial report of Anteo Diagnostics Limited (“Company”), which comprises the consolidated financial statements being the statement of financial position as at 31 December 2013, and the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the half-year ended on that date, notes comprising a statement or description of accounting policies, other explanatory information and the directors’ declaration of the consolidated entity, comprising both the Company and the entities it controlled at the halfyear’s end or from time to time during the half-year.

Directors’ responsibility for the half-year financial report

The directors of Anteo Diagnostics Limited are responsible for the preparation of the halfyear financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such controls as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express a conclusion on the consolidated half-year financial report based on our review. We conducted our review in accordance with the Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the Anteo Diagnostics Limited consolidated entity’s financial position as at 31 December 2013 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. As the auditor of Anteo Diagnostics Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389

‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited.

Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where a current scheme applies.

==> picture [139 x 27] intentionally omitted <==

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we complied with the independence requirements of the Corporations Act 2001.

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Anteo Diagnostics Limited is not in accordance with the Corporations Act 2001, including:

  • a giving a true and fair view of the consolidated entity’s financial position as at 31 December 2013 and of its performance for the half-year ended on that date; and

  • b complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations 2001.

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GRANT THORNTON AUDIT PTY LTD Chartered Accountants

==> picture [69 x 49] intentionally omitted <==

M S Bell Partner - Audit & Assurance

Brisbane, 24 February 2014

==> picture [206 x 39] intentionally omitted <==

Grant Thornton Audit Pty Ltd ABN 91 130 913 594

Level 18 145 Ann Street Brisbane Queensland 4000 GPO Box 1008 Brisbane Queensland 4001

T + 61 7 3222 0200 F + 61 7 3222 0444 E [email protected] W www.grantthornton.com.au

Auditor’s Independence Declaration To The Directors of Anteo Diagnostics Limited

In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the review of Anteo Diagnostics Limited for the half-year ended 31 December 2013, I declare that, to the best of my knowledge and belief, there have been:

  • a No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

  • b No contraventions of any applicable code of professional conduct in relation to the review.

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GRANT THORNTON AUDIT PTY LTD Chartered Accountants

==> picture [69 x 49] intentionally omitted <==

M S Bell

Partner – Audit & Assurance

Brisbane, 24 February 2014

Grant Thornton Australia Limited ABN 41 127 556 389

‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of , and do not obligate one another and are not liable for one another’s acts or omissions in the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited.

Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where current scheme applies.