Selected excerpts (thanks to Imtesty's work) from the December 22, 2020 AGM.

In ten days, we'll know if Don finally delivered or if we get the backtracking spin from him and the Calgary cheering section!

We’ve talked quite a bit in the last while about partnering options. It is going extremely well except for the part about COVID -19. When everything went crazy again here this fall it has slowed down and mainly for the reason of clinical trial launch. We can’t launch a clinical trial of this size in the middle of a pandemic. We can launch COVID-19 trials. You can launch small oncology trials, but this type of trial – it’s very difficult, so things have to calm down somewhat.

And it’s been interesting because it’s given us more time to get more people caught up and involved in the partnering process. It is getting pretty busy. I can tell you over the last month, it has been exceptionally busy with us preparing and working and presenting to multiple pharmas in different types of approach. Some of them are looking at huge trials that would cost up to 150 million dollars. Of course in all of these, we are negotiating that the partner will pay for that trial. Some of them have quicker more clever faster types of designs that could be done that would come in you know at half that, maybe 60 million dollars. So it’s given us the opportunity to really work hard, and to get this right.

AND:

SLIDE SEVEN

OK, now to the – you know - where we are in the process here.

So the requirements for a successful drug launch are listed here on slide seven. So really we look at efficacy, safety, regulatory approvability, mechanism of action, publications, where’s the science world taking about this, and strategic commercial pathway. We have all of this in place now, so this is why so many pharmas are talking to us in so many different directions, different indications, different sizes, etc. It’s good because this has really been proven out. It works. We know that. I’ll show you that on the next slide here.

AND:

SLIDE FIFTEEN

OK, and the strategic pathway. We know where this drug works. We can start with smaller population groups like are listed here. And you know, it’s not so small – you’ve got eight million patients that are listed here. In orphan indications you wouldn’t have 25,000 patients around the world. So this is a truly broad program that has very exciting global opportunity. And for us, it’s the design and picking the right partner, which of these gets to the market fastest. Because we’re going to do them all. But in what order is it going to be best for our investors and stakeholders in this company, and who is stepping up to that. It’s exciting to be in these meetings; I’m actually having a lot of fun again. So it’s good times.

AND:

SLIDE EIGHTEEN

On slide eighteen here, it’s growing. We added a couple more just two months ago, or I guess really a month and a half ago here, with the SGlLT-2 [inhibitor] combinations, [and] the DPP4s. These are really important, because in the US our main patent for composition of matter extends into 2034. With this kind of addition around the world, it can take our patents out to 2039, 2040, in that range. So really a nice, healthy patent extension. And that helps when you’re dealing with major pharmaceutical companies.

We are dealing with companies that own some of these SGLT-2s [inhibitors], and what an SGLT-2 [inhibitor] is, it’s a new type of drug for diabetes. They’ve been very successful, and this particular market is expected by 2025 to reach 25 billion dollars a year in sales. Then along comes our drug and it makes them work 63% better. That’s exciting. And having the longer intellectual property protection is very helpful.

AND:

OK, question number two. Can you provide any updates on the October 6th news release announcing the thirteen million dollar private placement or other financing options as well as timing?

OK. The answer really is “stay tuned.” We have just voted on this particular aspect. After the meeting today we will release the votes, and there will be a later update on that, but I can’t comment before market close. And I think we’ve touched on where we’re going with that. We are moving forward and we have several options of financing going forward as well. And again, as a public company we can’t touch on those here. But we do have the options of up-front money from our potential partners who will be paying for the clinical trials and/or working with our royalty position, that’s often done, and having those funds pay for the trial, and/or the existing shareholders are also an option, especially the major shareholders. And as you’ve seen with the commitment from some of our more recent ones, in taking out the debt position, we have a very good working relationship and we have very good major partner shareholders in this company right now.

AND:

OK. The last question that was on the list here is the company still pursuing an additional public listing on a US exchange. And the answer there is we are not pursuing a listing on a US exchange at this time. And as discussed on this call, we currently have several positive ongoing developments that enable us to move our program forward, as well as working on this COVID program. So I don’t think we’re missing out on anything there right now. The markets are pretty good in life sciences, but overall not so good. But for us I would say we’re swamped right now doing what we’re doing. So we’re trying to create value and our management and board believe what we’re doing right now is the best thing to do. When that switches we will go back and look at the US exchange. We have kept in touch with all of our contacts down there pretty much monthly, and our friends at Rothschild – so we can do that when the time is right. We can do it quite quickly.