Anteris Technologies Global Corp. — Interim / Quarterly Report 2010

Feb 11, 2010

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Innovative BioMedical Devices

Level 11, 225 St Georges Terrace bioMD Limited ABN 35 088 221 078 Perth, Western Australia 6000 PO Box 7209, Cloisters Square Western Australia 6850

Telephone (08) 9262 6777 Facsimile (08) 9322 3433

www.biomd.com.au

ANNOUNCEMENT TO THE AUSTRALIAN STOCK EXCHANGE

1 of 20 pages

12 February 2010

Company Announcements Office Australian Stock Exchange Limited 10[th] Floor, 20 Bond Street SYDNEY NSW 2000

Half Yearly Report (Appendix 4D) for the 6 months ended 31 Dec 2009

The Directors of bioMD Limited (the "Company") are pleased to announce the operating results of the Company for the 6 months ended 31 December 2009 comprising:

• Appendix 4D;

• Directors’ Report;

• Financial Report;

• Directors’ Declaration; and

• Audit Report and Independence Declaration.

Yours faithfully

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Caroline Bentley Company Secretary

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Appendix 4D

Half Yearly Report

Name of Entity: bioMD Limited ABN: 35 088 221 078 Reporting Period: Half year ended 31 December 2009 Previous corresponding Period: Half year ended 31 December 2008

Results for Announcement to the Market

				$A’000
Revenues from ordinary activities	down	5%	to	41
Loss from ordinary activities after tax	down	19%	to	(730)
Loss for the period attributable to members	down	17%	to	(644)

Dividends	Amount per security	Franked amount per security
Interim dividend	NIL¢	NIL¢
Previous corresponding period	NIL¢	NIL¢

Results Commentary

The loss for the period after income tax was $730k compared to $614k for the same period in the prior year. Cash at bank as at 31 December 2009 was $696k for the consolidated entity.

During the period work continued on the following:

• Completion of the Phase II human clinical trial in South Africa using the CardioCel biomaterial patch on chronic heart deformities. 30 patients have now been implanted and follow-up will continue during 2010.

• Biocompatibility testing of our biomaterial commenced in the US by NAMSA, a certified GMP testing laboratory.

• A human clinical trial of our Gynecel patch commenced. This pilot study will use the Gynecel patch in patients requiring anterior prolapse repair in the pelvic floor.

• R&D activities continued with studies in optimising pore sizes in our biomaterial mesh and further rat studies comparing the ADAPT[®] biomaterial with human cadaver derived pericardium.

Net Tangible Assets per security

Net Tangible Assets per security
	Current period	Previous corresponding period
Net tangible asset backing per ordinary security	0.46 cents per share	0.90 cents per share

Control gained over entities having material effect

N/A

Loss of control of entities having material effect

N/A

Details of aggregate share of profits (losses) of associated and joint venture entities

N/A

This report is based on:

The accounts have been subject to review.

Sign here: (Company Secretary)

Date: 12 February 2010

Print name: Caroline L. Bentley

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(ACN 088 221 078)

CONSOLIDATED HALF-YEAR FINANCIAL STATEMENTS

31 DECEMBER 2009

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CORPORATE DIRECTORY

Directors

Robert N. Scott – Non Executive Chairman Michael C. Bennett – Managing Director Robert E. Towner – Executive Director

Company Secretary

Caroline L. Bentley

Company and Registered Office

Level 11, 225 St Georges Terrace Perth, Western Australia 6000 Telephone: +61-8-9262 6777 Facsimile: +61-8-9322 3433 Website: www.biomd.com.au Email: info@biomd.com.au

Auditors

BDO Audit (WA) Pty Limited 38 Station Street Subiaco, Western Australia 6008

Solicitors

Price Sierakowski Level 24, St Martins Tower, 44 St Georges Terrace Perth, Western Australia 6000

Bankers

National Australia Bank 1238 Hay Street West Perth, Western Australia 6005

Stock Exchange Listing

Australian Stock Exchange codes: BOD (ordinary shares) BODO (listed options)

DIRECTORS’ REPORT

The Directors present the half-yearly financial statements on the consolidated entity (referred to hereafter as the ‘Consolidated Entity’ or ‘Group’) consisting of bioMD Limited and its controlled entity for the half-year ended 31 December 2009.

DIRECTORS

The following persons were Directors of the Company during the half-year and up to the date of this report:

Robert N. Scott Michael C. Bennett Robert E. Towner

PRINCIPAL ACTIVITIES

The principal activities of the Group during the half-year consisted of:

• research and development of the ADAPT process used in the production of biomaterials derived from animal tissue for use as bioimplants for human use;

• CSIRO collaboration; and

• the commercialisation and development of medical therapy products.

REVIEW OF OPERATIONS AND RESULTS

The consolidated operating loss for the half-year:

	31 Dec 2009 $	31 Dec 2008 $
Loss before income tax	729,776	614,470
Income taxbenefit	-	-
Loss for the year	729,776	614,470

Revenues of $40,618 were recorded for the half-year (2008: $42,834) from interest income and office lease rental.

The company has completed the Phase II human clinical trial for CardioCel patches with a total of 30 patients having the patches used in repairing heart deformities. Patient follow-up for 12 months from implantation date should be completed by the end of 2010. An interim report is due in the first quarter of 2010.

A second human clinical trial commenced prior to the end of 2009 using the ADAPT treated Gynecel patch for anterior prolapse repair of the pelvic floor.

Research continued with:

• A juvenile rat study comparing our ADAPT biomaterial with human cadaver derived pericardium.

• Studies continued with determining a method of changing the pore size of our ADAPT biomaterial mesh.

• Biocompatibility testing of our biomaterial commenced in the US by NAMSA, a certified GMP testing laboratory.

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

No significant changes have occurred in the state of affairs of the consolidated entity.

DIVIDENDS

No dividend was paid during the half-year and the Board has not recommended the payment of a dividend.

EVENTS SUBSEQUENT TO BALANCE DATE

No material subsequent events have occurred since 31 December 2009.

There has not arisen in the interval between the end of the mid-year and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the Directors of the Company, to affect significantly the operations of the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity, in future financial years.

AUDITORS INDEPENDENCE DECLARATION

A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is attached.

This report is made in accordance with a resolution of the Directors.

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Robert N Scott Chairman

Dated at Perth, Western Australia this 12th day of February 2010.

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STATEMENTS OF COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2009

Note Revenue from continuing operations 2 Administrative expenses Employee benefits Depreciation expense Impairment Loss before income tax from continuing operations Income tax expense Loss for the half-year Other comprehensive income for the half-year Total comprehensive income for the half-year Total comprehensive income for the half-year is attributable to Equity holders of bioMD Limited Non controlling interests Earnings/(loss) per share (cents per share) from continuing operations attributable to ordinary equity holders of the Company Basic loss per share Diluted loss per share	Note	31	CONSOLIDATED Dec 2009 $ 31 Dec 2008 $	CONSOLIDATED Dec 2009 $ 31 Dec 2008 $
			40,618 (729,870) (21,335) (4,660) (14,529)	42,834 (553,514) (83,898) (5,783) (14,109)
			(729,776) -	(614,470) -
			(729,776) -	(614,470) -
			(729,776)	(614,470)
			(643,636) (86,140)	(548,900) (65,570)
			(729,776)	(614,470)
			Cents (0.50) (0.50)	Cents (0.72) (0.72)

The above Statement should be read in conjunction with the accompanying notes.

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STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2009

AS AT 31 DECEMBER 2009
ASSETS Current assets Cash and cash equivalents Other receivables Total current assets Non-current assets Property, plant & equipment Total non-current assets Total assets LIABILITIES Current liabilities Trade and other payables Borrowings Total current liabilities Non-current liabilities Provisions Total non-current liabilities Total liabilities NET ASSETS EQUITY Contributed equity Reserves Accumulated losses Capital and reserves attributable to equity holders of bioMD Limited Non controlling interest TOTAL EQUITY	Note	CONSOLIDATED 31 Dec 2009 $ 30 June 2009 $
	9	696,287 51,048 747,335 29,648 29,648 776,983 112,220 20,013 132,233 46,085 46,085 178,318 598,665 8,969,340 234,630 (8,684,815) 519,155 79,510 598,665	1,249,650 19,677
			1,269,327
			31,888
			31,888
			1,301,215
			137,080 20,013
			157,093
			46,077
			46,077
			203,170
			1,098,045
			8,976,132 184,630 (8,135,337)
			1,025,425 72,620
			1,098,045

The above Statement should be read in conjunction with the accompanying notes.

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STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2009

	CONSOLIDATED Share Capital $ Share- based payment Reserves $ Accum Losses $ Total $ Non controlling Interest $ Total Equity $
At 1 July 2008 Loss for the period Total comprehensive income for the half-year At 31 Dec 2008 Loss for the period Total comprehensive income for the half-year Transactions with owners in their capacity as owners Issue of shares (net of transaction costs) At 30 June 2009 Loss for the period Total comprehensive income and expense for the half-year Transactions with owners in their capacity as owners Issue of options Transaction costs of share issue Adjustment from transactions arising from acquisition of non-controlling interests (Note 5) At 31 Dec 2009	8,135,317 184,630 (7,115,224) 1,204,723 183,894 1,388,617 - - (548,900) (548,900) (65,570) (614,470)
	- - (548,900) (548,900) (65,570) (614,470)
	8,135,317 184,630 (7,664,124) 655,823 118,324 774,147
	- - (471,213) (471,213) (45,704) (516,917)
	- - (471,213) (471,213) (45,704) (516,917)
	840,815 - - 840,815 - 840,815
	8,976,132 184,630 (8,135,337) 1,025,425 72,620 1,098,045
	- - (643,636) (643,636) (86,140) (729,776)
	- - (643,636) (643,636) (86,140) (729,776) - 50,000 - 50,000 - 50,000 (6,792) - - (6,792) - (6,792) - - 94,158 94,158 92,670 187,188
	8,969,340 234,630 (8,684,815) 519,155 79,150 598,665

The above Statement of Changes in Equity should be read in conjunction with the accompanying notes.

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STATEMENTS OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2009

Cash flows from operating activities Receipts from customers Payments to suppliers Interest received Net cash outflow from operating activities Cash flows from investing activities Payments for property, plant & equipment Payments for intangible assets Net cash outflow from investing activities Cash flows from financing activities Proceeds from share issue by subsidiary entity Share issue transaction costs Net cash inflow from financing activities Net decrease in cash held Cash at the beginning of the half-year Cash at end of the half-year		CONSOLIDATED Half-year 31 Dec 2009 $ Half-year 31 Dec 2008 $	CONSOLIDATED Half-year 31 Dec 2009 $ Half-year 31 Dec 2008 $
		68,834 (798,072) (729,238) 12,426 (716,812) (2,420) (14,529) (16,949) 187,190 (6,792) 180,398 (553,363) 1,249,650 696,287	6,000 (612,859)
			(606,859)
			44,450
			(562,409)
			(9,600) (14,110)
			(23,710)
			- -
			-
			(586,119)
			1,448,627
			862,508

The above Statements of Cash Flows should be read in conjunction with the accompanying notes.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2009

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The half-year financial statements are a general-purpose financial report, which has been prepared in accordance with the Corporations Act 2001 and Accounting Standard AASB 134 Interim Financial Reporting . The half-year financial statements have been prepared in accordance with the historical cost convention, as modified by the revaluation of financial assets and liabilities at fair value though profit and loss.

These half-year financial statements do not include all the notes of the type normally included within the annual financial statements and accordingly, this report should be read in conjunction with the annual financial statements for the year ended 30 June 2009 and any public announcements made by bioMD Limited during the interim period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except as follows:

Changes in accounting policy

bioMD Limited had to change some of its accounting policies as a result of new or revised accounting standards which became operative for the annual reporting period commencing on 1 July 2009.

• The affected policies and standards are:

• Principles of consolidation – revised AASB 127 Consolidated and Separate Financial Statements

• Segments – new AASB 8 Operating Segments

Principles of consolidation

AASB 127 (revised) requires the effects of all transactions with non-controlling interests to be recorded in equity if there is no change in control and these transactions will no longer result in goodwill or gains and losses. This is different to the Group’s previous accounting policy where transactions with minority interests were treated as transactions with parties external to the group and goodwill was recognised on the acquisition of a non-controlling interest in a subsidiary.

The changes were implemented prospectively from 1 July 2009 and the Group has applied AASB 127 for the acquisition of non-controlling interests as explained in Note 5.

Segment Reporting

bioMD has applied AASB 8 Operating Segments from 1 July 2009 which requires a ‘management approach’ under which segment information is presented on the same basis as that used for internal reporting purposes. This has resulted in operating segments being reported in a manner consistent with the internal reporting provided to the Board of Directors, who are considered to be the chief operating decision makers.

An operating segment‘s operating results are reviewed regularly by the Board of Directors to make decisions about resources to be allocated to the segment and assess its performance. Comparatives for 2008 have been restated.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2009

2. REVENUES

Revenue from continuing operations Finance revenue Grant revenue Sub-lease rental income Total revenue from continuing operations Breakdown of Finance Revenue Bank interest	Half-year 2009 $ 10,733 23,885 6,000 40,618 10,733 10,733	Half-year 2008 $
		36,834 - 6,000
		42,834
		36,834
		36,834

3. EXPENSES

Loss for the half-year before income tax includes the following specific expenses:

Consultancy costs	394,000	375,000
Rental expense relating to operating leases	13,035	13,035
Depreciation – Plant and equipment	4,660	5,783
Impairment of Intangibles – Patents	14,529	14,109
Employee benefits expense
Salary and wages	28,910	28,600
Leave provisions	(30,860)	31,643
Other benefits	23,285	23,655

4. SUBSEQUENT EVENTS

No material subsequent events have occurred since 31 December 2009.

There has not arisen in the interval between the end of the mid-year and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the directors of the Company, to affect significantly the operations of the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity, in future financial years.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2009

5. ACQUISITION OF NON-CONTROLLING INTEREST

On 18 November 2010, bioMD acquired an additional 1.03% interest in Celxcel Pty Ltd for $699,507 in a combination of cash and debt to equity conversion, increasing its ownership from 76.32% to 77.35%. The carrying amount of Celxcel’s net assets in the consolidated financial statement on the date of acquisition was $(352,469).

Effects of changes in the parent’s ownership interest in Celxcel:

bioMD ownership interest at the beginning of the period Effect of increase in parent’s ownership interest Share of comprehensive loss Increase in parent ownerhip interest from increase in net assets from capital raising Ownership interest at the end of the period	Half-year 2009 $
	(219,821) 93,032 (294,173) 685,860
	264,898

6. EARNINGS/(LOSS) PER SHARE

Weighted average number of ordinary shares used in the calculation of basic earnings/(loss) per share	2009 Number 128,823,113	2008 Number
		85,909,969

7. SEGMENT INFORMATION

Description of segments

The Group has adopted AASB 8 Operating Segments from 1 July 2009 whereby segment information is presented using a management approach, i.e. segment information is provided on the same basis as information as used for internal reporting purposes by the chief operating decision makers (board of directors that make key strategic decisions).

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2009

7. SEGMENT INFORMATION (continued)

Management has determined that there are two identifiable reportable segments as follows:

• Bioimplants operations of Celxcel Pty Ltd; and

• Medical therapy products.

(The medical therapy products are not deemed material for purposes of disclosure and are not reported separately here).

Half-year 2009	Bioimplants $
Total segment revenue	24,761
Net loss before income tax	(380,312)
Segment assets	410,603

Half-year 2008	Bioimplants $
Totalsegmentrevenue	3,595
Net loss after before tax	(279,900)
Segment assets	121,364

Performance is measured based on segment result before tax.

The reconciliation of segment information to loss for the half-year is as follows:

Segment loss Other revenue Administration costs Depreciation Impairment Share based payments Loss for the half-year	CONSOLIDATED 2009 $ 2008 $ (380,312) (279,900) 15,857 39,239 (311,889) (366,632) (2,828) (3,328) (604) (3,849) (50,000) - (729,776) (614,470)	CONSOLIDATED 2009 $ 2008 $ (380,312) (279,900) 15,857 39,239 (311,889) (366,632) (2,828) (3,328) (604) (3,849) (50,000) - (729,776) (614,470)
		(279,900) 39,239 (366,632) (3,328) (3,849) -
		(614,470)

8. DIVIDENDS

No dividends have been declared or paid during the period.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2009

9. CONTRIBUTED EQUITY

(a) Share capital Issued and ordinary shares (b) Movements in ordinary share capital Opening balance at the beginning of the half-year Share issue costs Closing balance at the end of half- year	Half-year 2009 Shares 2008 Shares 128,823,113 85,909,969 128,923,113 85,909,969 - - 128,923,113 85,909,969	Half-year
		2009 $ 2008 $
		8,969,340 8,135,317 8,976,132 8,135,317 (6,792) -
		8,969,340 8,135,317

The share issue costs incurred relate to the capital raising undertaken in the period to 30 June 2009.

10. CONTINGENT LIABILITIES

There have been no changes in contingent liabilities or contingent assets since the last annual reporting date, 30 June 2009.

11. GOING CONCERN

The Consolidated Entity has incurred a net loss after tax for the period ended 31 December 2009 of $729,776 (2008: $614,470) and has experienced net cash outflows from operating activities of $716,812 (2008: $562,409). As at the 31 December 2009, the Group had net current assets of $615,102 (2008: $1,112,234).

The Directors have prepared the financial statements on the basis of going concern, which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the normal course of business. The ability of the Company to continue as a going concern will be dependent on the ability to raise further funds as required to facilitate the ongoing research and development of its ADAPT process and medical therapy products.

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DIRECTORS’ DECLARATION

In the Directors’ opinion:

• (a) the financial statements of the consolidated entity are in accordance with the Corporations Act 2001; including:

• (i) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001, and

• (ii) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2009 and of its performance for the half-year ended on that date; and

• (b) there are reasonable grounds to believe that bioMD Limited will be able to pay its debts as and when they become due and payable.

The Directors have been given the declarations by the Managing Director and the Chief Financial Officer required by section 295A of the Corporations Act 2001.

This declaration is made in accordance with a resolution of the Directors.

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ROBERT N. SCOTT Chairman

Perth, Western Australia

Dated this 12th day of February 2010

38 Station Street Subiaco, WA 6008 PO Box 700 West Perth WA 6872 Australia

Tel: +8 6382 4600 Fax: +8 6382 4601 www.bdo.com.au

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INDEPENDENT AUDITOR’S REVIEW REPORT TO THE MEMBERS OF BIOMD LIMITED

Matters Relating to the Electronic Presentation of the Half-Year Financial Report

This auditor’s report relates to the half-year financial report of bioMD Limited for the period ended 31 December 2009 included on bioMD Limited’s web site. The disclosing entity’s directors are responsible for the integrity of bioMD Limited’s web site. We have not been engaged to report on the integrity of bioMD Limited’s web site. The auditor’s review report refers only to the statements named below. It does not provide an opinion on any other information which may have been hyperlinked to/from these statements. If users of this halfyear report are concerned with the inherent risks arising from electronic data communications, they are advised to refer to the hard copy of the reviewed half-year financial report to confirm the information included in the reviewed half-year financial report presented on this web site.

Report on the Half-Year Financial Report

We have reviewed the accompanying half-year financial report of bioMD Limited, which comprises the statement of financial position as at 31 December 2009, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the half-year ended on that date, a statement of accounting policies, other selected explanatory notes and the directors’ declaration of the consolidated entity comprising the disclosing entity and the entity it controlled at the half-year end.

Directors’ Responsibility for the Half-Year Financial Report

The directors of the disclosing entity are responsible for the preparation and fair presentation of the half-year financial report in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001 . This responsibility includes establishing and maintaining internal controls relevant to the preparation and fair presentation of the half-year financial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor’s Responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of an Interim and Other Financial Reports 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 financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the disclosing entity’s financial position as at 31 December 2009 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 bioMD Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

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.

BDO Audit (WA) Pty Ltd ABN 79 112 284 787 BDO is a national association of separate partnerships and entities. Liability limited by a scheme approved under Professional Standards Legislation.

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Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001 . We confirm that the independence declaration required by the Corporations Act 2001 would be in the same terms if it had been given to the directors at the time that this auditor’s review report was made.

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 bioMD 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 2009 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.

Material Uncertainty Regarding Continuation as a Going Concern

Without qualifying our opinion, we draw attention to Note 11 in the financial report which indicates that the company incurred a net loss of $729,776 during the year ended 31 December 2009. These conditions, along with other matters as set forth in Note 11, indicate the existence of a material uncertainty which may cast significant doubt about the entity’s ability to continue as a going concern and whether it will realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial report.

BDO Audit (WA) Pty Ltd

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Peter Toll Director

Signed in Perth, Western Australia Dated 12 February 2010.

38 Station Street Subiaco, WA 6008 PO Box 700 West Perth WA 6872 Australia

Tel: +8 6382 4600 Fax: +8 6382 4601 www.bdo.com.au

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12 February 2010

bioMD Limited Level 11, 225 St Georges Terrace Perth WA 6000

Dear Sirs

DECLARATION OF INDEPENDENCE BY PETER TOLL TO THE DIRECTORS OF bioMD LIMITED

As lead auditor of bioMD Limited for the half-year ended 31 December 2009, I declare that to the best of my knowledge and belief, there have been:

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

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

This declaration is in respect of bioMD Limited and the entity it controlled during the period.

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Peter Toll Director

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BDO Audit (WA) Pty Ltd

Perth, Western Australia

BDO Audit (WA) Pty Ltd ABN 79 112 284 787 BDO is a national association of separate partnerships and entities. Liability limited by a scheme approved under Professional Standards Legislation.