tdx summary for the newbies

Think there are a few onboard that have next to know idea what they have just bought into, so here is the abridged TDX in 30 seconds.

Diagnostic IQ platform –
Simple test device and reader for rapid on-site testing. Two additional patents accepted in US and Europe (portfolio now comprises 11 granted, 2 accepted and 3 pending patents). Successfully completed validation and verification process with Pacific Biotech Co. Ltd for scale-up manufacture of first commercial product for Bayer CropScience AG. Bayer Agreement Terminated see Initiative & Status below.

ReadRite diagnostic products –
Crop quality tests developed on the DiagnostIQ platform & marketed by Bayer CropScience AG. First ReadRite product commercialised in 2009, In 2011out performed current standard test in Canadian industry evaluation trials; positive evaluation by certification authorities in US; demand for product in South American regulated market. Bayer Agreement Terminated see Initiative & Status below.

Diagnosis of Tuberculosis (TB) –
Discovery & development of biomarkers to detect active TB. Extensive search for commercial partner/s to develop TB diagnostics delivered. Two distinct parts

1. Licensing partner for molecular TB diagnostic - Acheived SpeeDX

2. License of TB antibodies and TB protein patent - Achieved Neoclone

Initiative & Status:

Settlement with Bayer - Final stages of negotiation in December, must be very close.

Licensing agreement for TB molecular diagnostic – Signed SpeeDx, Upfront Payment, Progress payments and 40% of profits. Huge market for accurate fast TB diagnostic

Licence of TB test reagents (antibodies) and protein patent – Neoclone license agreement, from memory Tyrian receives 40% of profits from sales.

Licence/sale of DiagnostIQ - Tyrian is working with business development consultants to assist us with third party discussions in Australia, US and Japan. Would imagine nothing could be finalised with this until the Bayer settlement is out of the way.

Review of Strategic Options - Reviewing proposals that may realise value from current assets and corporate structure. My understanding is they are looking for someone to buy into Tyrian with the right fit looking for a public listing. Hopefully this business if they are successful will have their own additional products and a good management team.

Hope this helps.