IQX Chairman's Address to Shareholders AGM: 19 November 2021

18 November 2021

Announcements

National Stock Exchange of Australia

1 Bligh Street

SYDNEY NSW 2000

2021 Annual General Meeting - Chairman's Address

A copy of the Chairman's address is attached, which will be presented at the Company's Annual General Meeting tomorrow in Sydney, 19 November 2021.

This announcement has been authorised for release by the board of directors of the Company.

For and on Behalf of The Board of iQX Limited.

Ron Hollands

Company Secretary

Tel: [phone]

CHAIRMAN'S SCRIPT

Annual General Meeting

iQX Limited

Friday 19th February 2021 - 9:30am

(CHAIRMAN'S ADDRESS)

On behalf of the Board of Directors, I am pleased to share that iQX Ltd continues to deliver growth on its portfolio of investments in the bioscience sector for the financial year ended 30 June 2021, amidst the challenging market conditions presented by the COVID-19 pandemic.

iQX Ltd is an investment funds management company specialising in the bioscience sector and is a core member of The iQ Group Global, a consortium of companies that find, fund and develop bioscience discoveries into life-changing medical innovations.

The IQX holdings are as follows:

• GBS Inc. (7.7%)*
• Life Science Biosensor Diagnostics Pty Ltd (LSBD) (19%)*
• BiosensX Global Inc. (19%)*
• BiosensX (North America) Inc. (13.4%)*
• Glucose Biosensor Systems (MENA) Holdings Inc. (19%)*
• OncoTEX Inc. (19%)*

*Effective equity position at the end of FY21

The market capitalisation of the IQX Ltd as of the date of this report was $56.2m.

• GBS Inc. was listed on NASDAQ in December 2020 and is the APAC licensee of the Biosensor technology. The Saliva Glucose Biosensor commercialisation program has continued to progress with the FDA regulatory approval process. The process has sustained certain delays due to COVID, however, clinical testing is expected to commence very soon. The Saliva Glucose Biosensor has been indicated by the FDA to follow the De Novo regulatory pathway as it is innovative and without predicate.
• GBS Inc. has been granted, by the Wyss Institute for Biologically Inspired Engineering at Harvard University, a license to integrate the Institute's antifouling technology into The Group's Biosensor, and develop a quantitative salivary COVID test. The company is formally collaborating with the Wyss

Institute, Harvard University and Johns Hopkins University in developing the prementioned salivary quantitative IgG rapid diagnostic test. The commercial benefits stemming from this collaboration will flow to LSBD and its commercial entities, and subsequently to the ultimate parent companies which areIQG and IQX.

BiosensX Global Inc.

BiosensX (North America) Inc.

Glucose Biosensor Systems (MENA) Holdings Inc.

These companies are the licensees within their respective geographic regions for the intellectual property of the biosensor platform technology. At this stage, as the technology progresses to clinical trials, the abovementioned companies are actively preparing to commence licensing arrangements for the Biosensor products to be launched over the next 24-48 months. The diagnostic testing portfolio is expected to consist of approximately 130 different diagnostic tests, including the Saliva Glucose Biosensor and other diagnostic tests developed from the Biosensor technology.

Significant progress has been made with OncoTEX, the Group's oncology portfolio company, both in research and development as well as on the corporate front.

TEX Core is an anticancer drug platform that has the ability to develop a range of well- tolerated, MRI detectable cancer therapeutics that target drug-sensitive and drug-resistant solid tumours. The first cancer therapeutic to be commercialised from the platform is OxaliTEX, a new chemical entity (WO 2015/191797) that targets only solid tumour cells, activates within the tumour and overcomes drug-resistance mechanisms with minimal side effects. OxaliTEX is currently at late preclinical stage and we will soon contemplate commencing clinical trials. Sterling Pharmaceutical have been contracted to manufacture OxaliTex for the clinical trials.

The first indication to trial is ovarian cancer, which is also classified by the FDA as an orphan disease, which may result in expedited regulatory approval by the FDA.

OncoTEX has further enriched its pipeline within the Tex Core platform, with six additional compounds.

• ParpTEX utilises TEX Core's tumour-localisation to enable the effective delivery of Parp inhibitors. ParpTEX is being developed for prostate and other BRCA mutant cancers.
• GemTEX utilises TEX Core's tumour-localisation in combination with Gemcitabine's antimetabolite properties, initially to treat pancreatic and bladder cancers.

• DoxTEX utilises TEX Core's tumour-localisation in combination with Anthracyclines to treat early-stage breast cancer and small-cell lung carcinoma.
• TaxTEX utilises TEX Core's tumour-localisation in combination with Taxanes to treat Taxol resistant breast cancer, bladder cancer and prostate cancer.
• ImmunoTEX utilises TEX Core's tumour-localisation in combination with Immunotherapies to treat breast cancer, pancreatic cancer, and lung cancer.
• MangaTEX, through tumour specific localisation, allows for site-selective thermal heating of cancer cells upon irradiation by non-tissue damaging light. The initial indication MangaTEX is focused upon is breast cancer including BRCA mutant and Triple Negative.

In addition, I am also happy to announce that OncoTEX has acquired new gold-based IP from the University of Texas at Austin. This IP results in a series of small molecules capable of inducing a cancer-fighting immune response known as immunogenic cell death. This is exceedingly rare and of great value to the immuno-oncology community. This technology is the basis for ImmunoTEX, part of our Chemotherapy Program. I am appending a recent publication detailing its benefits. We are aware of several companies searching for immunogenic cell death-inducing agents and this technology will increase the value of our platform and increase downfield partnership opportunities.

On the corporate front, despite the pandemic restrictions, the Company has continued its capitalisation program here in Australia as well as the USA and has created a stellar board of directors and scientific advisory board, including the appointment of Dr. Jonathan F. Arambula as Chief Executive Officer.

OncoTEX is actively working on the out-license of OxaliTEX for its first therapeutic indication, ovarian cancer. We are in the middle of discussions with 4-5 major global pharma companies with active on-patent oncology portfolios, and the feedback we have received so far has been positive. While each pharma company have their own strategic view, they share a common endorsement for OxaliTEX in that it will be a valuable asset because of its pricing as a small molecule drug, and favourable to the payers (reimbursement system and insurance companies).

I cannot further elaborate at this time, given SEC (Security Exchange Commission) restrictions, on the capital market front as the company is undergoing a quiet period. However, soon I hope to share some positive news with all our IQX investors.

OncoTEX continues to work with the University of Texas at Austin and MD Anderson Cancer Center to advance and deliver to patients the above technologies and the resultant drugs. The TEX Core platform represents extremely valuable intellectual property for the

Group, as the IP portfolio consists of approximately twenty (20) patents and is expected to grow.

I would like to thank all the investors, the board, and our staff for their dedication during the past year.

END