A Biotech Company must include in its interim (half-yearly) and annual reports details of its research and development activities during the period under review, including:

(1) details of the key stages for each of its Core Products under development to reach commercialisation, and a general indication of the likely timeframe, if the development is successful, for the Core Product to reach commercialisation;
(2) a summary of expenditure incurred on its research and development activities; and
(3) a prominently disclosed warning that a Core Product may not ultimately be successfully developed and marketed.

Note: Details to be disclosed should be in line with those disclosed in the listing document of the Biotech Company under rules 18A.04 and 18A.05.