This marked the commencement of an extensive campaign to gain leading academic and research institutions to evaluate the efficacy of EXO-NET for exosome isolation and biomarker discovery across potential applications in cancer, neurology, inflammation and other conditions. Key data from both internal research and external evaluations were presented at the world-leading International Society of Extracellular Vesicles (ISEV) meeting in May 2023 demonstrating the effectiveness of the EXO-NET technology in the isolation of exosomes from plasma, urine, saliva, and cellconditioned media. Additionally, INOVIQ developed a High-Throughput (HT) EXO-NET isolation system in collaboration with Promega Corporation that can process up to 200,000 samples per year in a clinical laboratory. This led to the signing of a global joint marketing agreement with Promega that offers world-class solutions for manual and high throughput exosome isolation and nucleic acid extraction to researchers and industry for exosomebased biomarker discovery and diagnostics development in a market expected to reach US$8.7b by 2029. EXOSOME DIAGNOSTICS PIPELINE ADVANCED Collaboration with the University of Queensland (UQ) has paved the way for the development of an innovative exosome-based ovarian cancer screening test utilising EXO-NET. Studies confirmed the utility of EXO-NET for fast and efficient exosome isolation and biomarker discovery, and the promise of the EXO-OC test as a highly sensitive and specific test for early detection of ovarian cancer. The next steps for the EXO-OC Test are to undertake further development and validation studies in suitable samples. CONTINUED EXPANSION OF OUR R&D AND EXECUTIVE TEAM During the year, INOVIQ continued to expand its R&D and Executive teams with several key appointments to accelerate its product development, commercialisation and corporate strategies. This included expanding its R&D team with cell therapy and exosome-based therapeutic scientists, and appointment of Mark Edwards as Chief Financial Officer and Company Secretary in November 2022, who brings significant biotechnology M&A and corporate experience. FINANCIAL PERFORMANCE INOVIQ ended FY23 with a robust cash balance of $7.8m, a testament to our prudent financial management. Funds were primarily employed in advancing our SubB2M and EXO-NET programs. The Company reported a net loss from operating activities (after income tax) for the year of $9.0 million. Dr Geoff Cumming Chairman Dr Leearne Hinch CEO LEGAL PROCEEDING SETTLED The resolution of the Walker and Irminger legal proceeding marked a significant milestone. The settlement, devoid of any admission of liability, preserves our future interests by securing a royalty over potential sales of the BARD1 Lung Cancer Test and rights to utilise the intellectual property in other cancer types. As part of the settlement BARD1AG SA is required to invest A$0.3m in further research on the Lung Cancer Test. INOVIQ’S PIPELINE IS DE-RISKED AND OUR FUTURE MILESTONES ARE TRANSFORMATIONAL INOVIQ made significant progress during the year, including the clinical validation of its SubB2M technology and the signing of a commercial partnership for its EXONET technology. These milestones have significantly de-risked INOVIQ’s core technologies and positioned the company to advance its multi-product exosome capture tool and precision diagnostics pipeline towards key development and commercial milestones in FY24. OUTLOOK We are confident that INOVIQ’s disruptive SubB2M and EXO-NET technologies, multi-stage pipeline, and highcalibre team will enable us to achieve our ambitious goals and make a significant impact on the lives of patients with cancer. During the coming year, we expect our SubB2M tests for breast and ovarian cancer to deliver key data by December 2023 and be launch-ready for a clinical laboratory partner to supply as laboratory developed tests in calendar year 2024. We anticipate offering new EXO-NET exosome isolation products that will expand collaborations for development of novel exosome-based diagnostics for cancer, neurodegeneration and other diseases. THANK YOU We thank the INOVIQ team for their dedication and passion to driving the Company’s success. We also thank shareholders for their support in the Company as we continue to advance our innovative pipeline towards solving unmet needs for cancer and other diseases. 3 Annual Report 2023
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