2 INOVIQ Limited During the period, we advanced our innovative exosome capture tools, precision diagnostic products and pipeline towards a number of key research, development and commercialisation milestones. These achievements were made despite the continuing challenges of the COVID-19 pandemic and volatile financial markets globally, particularly for biotech companies. Evolving the business strategy Through FY22, INOVIQ raised $18.4 million, completed a corporate rebrand and successfully repositioned the business to focus on next-generation exosome capture tools and precision diagnostics. The rebrand fromBARD1 to INOVIQ, which represents ‘intelligent innovation’, better reflects the strategic vision, broader intellectual property assets and expanded product portfolio of the Company. Paving theway for commercialisation One of the key achievements for the year was the launch of our first EXO-NET pan-exosome capture tool for research use. We also successfully completed evaluations of EXO-NET with key research organisations in Australia and overseas, and recently established sales and logistics capabilities for EXO-NET research tools in the US. The appointment of the contract sales team has laid foundations for an accelerated roll-out of EXO-NET products in the US, the largest geographic market segment for the US $661 million global exosome research market. Chairman andCEOLetter R&D activities driving the pipeline Research and development activities during the year focused on progressing the development and transfer of the proof-of-concept SubB2M™ immunoassays to USbased contract research organisation (CRO) ResearchDx. After successfully replicating the assay, ResearchDx are now advancing the SubB2M tests through optimisation and validation, before entering clinical testing for monitoring breast and ovarian cancers. In another important milestone for our SubB2M program, we signed a manufacturing agreement withMP Biomedicals to manufacture our proprietary SubB2M protein under GMP conditions for use in our commercial tests. For EXO-NET we have been focused on expanding the data package for EXO-NET research tools, evaluating new EXO-NET prototypes and progressing The University of Queensland (UQ) collaboration to develop an exosomebased ovarian cancer screening test using EXO-NET. FY22 financial performance INOVIQ reported a net loss from operating activities (after income tax) for the year of $18.2 million. Removing noncash impairment charges, the Group’s operating loss was $5.4 million. Our cash reserves were boosted by $18.4m of new capital that was raised via a private placement and share purchase plan completed in August 2021. We ended the financial year with a strong cash balance of $15.4m that will be used to support our ongoing strategic and operational requirements. Legal proceedings update The Company continues to defend the legal proceeding filed in the Supreme Court of Victoria on 22 February 2021 by TonyWalker and former BARD1 director and Chief Scientific Officer Dr Irmgard Irminger-Finger against the Company. The proceeding has been listed for trial in February 2023. Dear FellowShareholders It is a pleasure to provide INOVIQ’s Annual Report for the period ending 30 June 2022, a period which delivered significant progress for your Company.
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