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Could be a death spiral whereby the shares are letter sold on the open market. About time board members subscribed if they believed in the business.
Previous subscription for ÂŁ70,000 on 17 April 2023 stated 'The Subscription has been undertaken with a single UK-based FCA regulated institutional investor.'
What favoured person/ s are involved in the subscription this time?
Who can subscribe for these new shares ?
It’s all about supporting the focus on discussions.
Well there you go add in the ones you vote at the AGM which will come later in the year and as NFX does it operates on empty empty.
The one benefit of main market is the Nomad and annual audit cannot force you to show funding for the year unlike AIM.
Peanuts
75m shares at 0.2p
10% dilution, so not too bad.
How is Avct doing for you NFT?
Sorry for your loses on Avct NFTs.
I would be more concerned about a virtual business with nothing but hopes that needs money.
Talking of signs mmmmmm
Thanks Soup.
FX, here's my attempt at thinking through the points you make, only my opinion but here goes...
1. From what I can see with orphan status you have to be fairly well developed and have enough evidence to support your application. So I'm guessing that the recent additional testing and patent evidence makes them more confident of success in an orphan drug designation.
I'm assuming that since Orphan drug status gives 10 year protection in the market, you have to be pretty categoric about your product and have plenty of evidence to back yourself up.
2. Repurposing... I think its company specific as to how they view it and how much risk they are willing to take. Some companies may be gung-ho about it, whereas others may be cautious depending on their business profile.
Obviously any company working on reprofiling will always say its the best thing, its in their interest to do so. (They're hardly going to say 'Check out our new product, its mediocre at best!')
When I talked about 'ownership' issues, it was more about future ownership, I would guess that a party interested would want to know that there was no chance of someone coming in doing the same thing (or very very similar). Even more so if original patents have lapsed. The Orphan designation is good because it is categoric, so alongside a new patent will provide strong IP backing to the product, so someone will be buying something specific, not just an idea.
3. Agree on the selling, imho its not lanstead as they only had 20m or so left anyway. The problem is the company can't issue a TR1 until the person who has sold has told them.
As I mentioned before, market makers can hold up to 10% without having to declare. So in my opinion the sell was stock held by an MM.
Whether it was on a single parties behalf or not is anyones guess.
Thankyou for relaying what you heard Older.
I still struggle with some of the points though, maybe I've just misunderstood but here's my twopenneth :
1. If they can apply for orphan status at any point, why have they not already done so already? I thought it might be because they needed formal approval of the EU patent first but your statement seems to suggest it can be done anytime and it's free. Why did he delay?
2. Re-purposing is suddenly a bad thing? Nuformix have been touting it as the best thing since sliced bread since I can remember. Isn't that how they sold it to us in the first place? Safer, shorter timescales etc... Surely they were aware that ownership could be an issue. Isn't that why they chose Tranilast? How can partners be concerned about ownership issues if Tranilast is well beyond its patent protection? It wasn't a problem for Oxilio with Apprepitant.
3. "Dan seemed to think that recent selling was final leftovers from Lanstead's last placing." I don't swallow that at all. 35m shares is around 5%. You would still have to notify and Lanstead were pretty regular with that when they were offloading during the agreement period. Why would they not issue the last TR1. What about the mysterious price rise just before the sell off?
What accident?
What news?
Telegram is a mugs game. Please inform us none telegram users what the gossip is about. If Dan is posting on telegram then it really reduces any credibility or respect.
After a period devoid of real news and the company silent about progress, it seems we have been given an insight into their progress and their path going forward and with a number of important news releases being mentioned by Dan over the coming weeks and months.
As follows:
• EU patent for 002 is in process of finalisation and will be announced imminently.
• Orphan drug status application submission.
• 004 patents progress and update
• The NEW plan mentioned by Dan, whatever that is, to promote company based upon BD progress and the massive potential (his words) they see.
• The company will update with company presentation soon.
• Grant of Orphan drug designation. (from looking at the European Orphan drug website it seems that if it passes the first review committee without questions then it only takes about 60 days for grant, but if there are clarifications/ questions it goes to a second review committee and can take up to 90 days)
In addition:
• AGM (there may be further statements/ info provided)
• BD activity continues throughout this period aided by the added incentives of European patent being granted plus orphan drug status being granted in just a few months’ time (thereby providing significant IP and commercial benefits).
Looking forward to the good news flowing and via more normal channels.
ATB
So with the sp sitting at .2's, which some thought we would never see again, and always a mistake with nfx. Just as I thought some time ago we would bottom out at 3.5p, whoops. I can't see anything to stop the slide a bit further as any news to bolster the sp seems months away according to the telegram thing as reported by older.
Exactly Robbo, I think the Orphan designation isn't well understood by many and that it brings a level of validity to the product. And I can understand a potential suitor wanting to see the product protection that it brings, so I'm comfortable with this direction.
Great posts today obw can see the path forward better now.
Karma nft it did look like a leak though you should have spotted it.
Sorry for your losses at AVCT NFTs, especially seeing them placing at 50p.
Dan is very clear presenting the information to us and that he still did it after the horrific accident speaks volumes. So, it is a clear pathway over the next months and I hope their online presence increases but frankly, they are a small team with different priorities. Sounds like there will be more news made available to investors these next months anyway.
Cheers for that Older. Good to get a recap for those of us that don't do telegram.
ATB
Dan responded to a few additional questions this morning.
To a question about submission dates for orphan status submission Dan replied 'No you can do it any time' and that 'orphan designation is seen as an asset transferable between companies'.
Why are you so concerned NFTs?
As explained
They will start process for orphan status it takes 3 months from the next available period to start the process.
It’s also never a guarantee process and therefore another risk as he explains majors are not really interested otherwise.
Why has it taken so long to figure such a basic thing out after so many experts hanging around?
If they don’t get it then what?
Is that game over?
When they get it they can then try again with potential partners and as mentioned this is 6 months plus so add that to 3 or 4 months and we are looking at best part of another year of outgoing costs. With no income.
They need to find funds tho cover this works and expenses plus general operating costs of listing filling etc. another 1/4 mil plus needed plus previous salaries and placing costs so 350 plus imo min.
If this is such a great product it should be child’s play to get.
Thanks again Older.
The comment about reprofiling is important imho. Drug companies want to know that they have ownership of a product and its IP, this is naturally harder to pin down with repurposed or reprofiled drugs. Hence the desire of secured IP and Orphan Designation which, as I mentioned earlier, provides product protection for 10 years.