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I've titled this 'any wonder' as this morning we have Genedrive raising money. The share price is 3.5p the raise is at 1.5p. I assume its the best they could get.!!!! Surprised if they don't follow octp.
Https://www.lse.co.uk/rns/CEL/fundraise-rcf-extension-termination-of-cln-tvr-n9jsvyf94i2gloe.html
This is how you do it
5th June then, gives the shares a month for the mm's to spike it. That might sound rampy but for some reason they nearly always spike stocks getting delisted. It's maybe the mm's want to reduce their stock for a much higher price who knows. I bought Redx for 4.4p and sold it for 50% profit 6-7p range only to see it super spike to 30 bid one day.
Also if they are planning a matched bargain system there might not be the usual sell off to get out as well.
Having written a snotty e-mail to the boss, here is her response...
Dear Leslie,
Thank you for taking the time to get in touch with me directly following yesterday’s announcement. I appreciate your thoughtful comments and am grateful for the support you’ve shown the business as one of our most engaged shareholders.
The board has not taken the decision to de-list lightly and, as we explained in yesterday’s RNS, it’s our view that de-listing is in the best interests of the company and its shareholders over the medium and longer term. We believe that OCT’s current market cap in no way reflects the prospective value of our current pipeline of our four drug development programmes, or the value of our proprietary library of almost 500 cannabinoid derivatives. Indeed, Edison Group has recently valued the company at over £27m based on OCT461201 alone. As we said yesterday, the UK capital markets are facing particularly challenging times and many biopharma businesses like ours are re-evaluating whether the London Stock Exchange is the right home for them. The current market conditions are compromising our ability to deliver on our core mission - bringing help to people living with debilitating conditions such as Trigeminal Neuralgia and Chemotherapy Induced Peripheral Neuropathy.
We believe that de-listing presents an exceptional opportunity for us to build a valuation that appropriately reflects and celebrates our track record and assets. This will allow us to progress our programmes in a more efficient and timely way, thereby opening the door to re-listing on a regulated exchange in due course. That may be here, in the UK, or on NASDAQ in North America, which has a deep pool of life science capital markets.
The last day of dealings will be on 5th June 2024, and we are aiming to put in place a matched bargain facility such as JP Jenkins or Asset Swap so that shareholders have a platform on which to trade their shares once the de-listing is complete.
I have recorded a video interview to further explain the rationale and set out the next steps for OCT – you can find that here.
I hope you will continue to support us as we transition to our new home as a de-listed company. If not, I remain grateful for the support you’ve shown us along the way.
Best wishes,
Clarissa
Clarissa Sowemimo-Coker
Chief Executive Officer
Institutions need to be involved here. You can't rely on PIs who need their monies back in 18 months. Drug trials can take 5, 8, 10 years. You need proper financial backing from the big boys. I used to be invested here but sold long before I lost everything. The CEO was naive to think that investment would be forthcoming with the City banks etc. Risk averse culture? Snoop Dog and DB probably didn't help with the credibility!
They said in the interview they would look to relist (potentially after P2 trials) which will take a couple of years least.
I suspect their new investor is picking up shares at this price.
None was a ramp pal, its all in the rns's including their constant need of money to fund the trails. Whatever the USA are doing we had better follow sharpish or this country will lose all any promising companies
"My money is on a NASDAQ listing in Q4 2024" is not a ramp, its personal opinion.
If they don't come back onto an exchange then your long term hold for a few years will be over. So they do need to get back on an exchange at some point and apologies if you think that is a ramp.
And how will this effect existing shareholders.
That’s the big question and one to which we have no answer.
Funding is in place until the end of the year … but no funds are there for any stage 2 trials at this stage and we must trust that the board acts to protect existing investors without any power to voice objections should we have any …
That is the gamble….
They have literally said they are coming off the markets for a few years, yet you come up with this stuff:
In the meantime, the BOD are planning a great big F**K Y** to the City of London with a NASDAQ listing. My money is on a NASDAQ listing in Q4 2024 at an IPO price matching Edison’s TP.
I might be some on the basis I will be locked out for a few years I.e. Genuine long term hold, but stop trying to ramp.
About the sum of it. Another to the USA.
So, let me get this right; this cannabinoid-focussed British biotech, with a spectacularly beaten down valuation of £1.5m (or 0.14p per share) has:
• Sailed through its first, Phase I trial for its flagship asset OCT461201 (pain relief for neuropathic pain associated with chemotherapy-induced neuropathy, and gut pain in irritable bowel syndrome patients). For the record, both treatment markets have a collective commercial opportunity £5bn!
• Is on track to submit an IND application to the FDA in Q3 2024 for OCT461201. This will pave way for Phase II trials.
• Has been granted Orphan Drug designation for its second key asset OCT130401 (pain relief for severe neuropathic facial pain) enabling seven years of market exclusivity in the United States, and 10 years in Europe and Japan. Treatment market is currently valued at £1.4bn.
• Is developing its third key asset in OCT960609 (pain relief for rare neuropathic pain) which is currently in the pre-clinical stage.
• Is developing its fourth asset; a potential, first-in-class immunotherapy agent as a treatment for solid tumours. This is likely to have a material commercial opportunity.
• House broker Edison has slapped a Target Price of 2.6p per share (or £26.5m market cap) based solely on OCT461201. That’s a staggering premium of 1,750% on today’s price of 0.14p per share.
And what do you think will be the projected value of the company should the other three assets be fully qualified and, thereafter, incorporated into the company's valuation?
Utterly insane undervaluation!
In the meantime, the BOD are planning a great big F**K Y** to the City of London with a NASDAQ listing. My money is on a NASDAQ listing in Q4 2024 at an IPO price matching Edison’s TP.
Thus, in line with REDX, MEN, C4XD, and SND, and ahead of the 06th June, I expect the BOD (Julie, Clarissa, Paul, Cheryl, Bishrut, Neil, and Richard) to snap-up shares in short order.
AIMHO.
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Totally agreed.
With the amount of volume and buys recently - Can see this getting its big bounce.
So many stocks announcing delisting have ended up doing insane 100-300% rises.
Big plans behind the scenes to get this stock back on track from the team. They’re trying to create a business and let’s not forget Phase 1 trials compete and Phase 2 starting imminently.
I can’t see them jus t giving up on this anytime soon, it would have so much more success on the US markets
My take on it is that as a private company they can use a variety of different evidence and metrics to make a case to investors on the value of the company. As a listed company they will always struggle to argue thats its worth more than the current share price, however much it doesn't reflect the real value.
This could do a redex 4p low to 33p high before delisting.
Didn't a tobacco company own 10% ? Do they still hold ?
The spread is the problem, but it was just as bad with the others.
Problem is once delisted any company is largely free to do what ever it likes including potentially diluting existing holders out almost completely
The actual bid is 0.1231p to mm's bidding well over mid price to buy stock atm.
TBH I'd be happy to hold them post delisting if the price does not recover, see a return either way
Seen the same Davey so just put £500 in to see how it goes. Good luck
Point is you could have bought Redx at 4.4p and sold 29p with a crystal ball. They are spectacular gains.
Anyway that 5 million at 0.137p just now is mine, not often I buy something where I'm down thousands instantly on the spread but I think the mm's are going to struggle to get enough sellers at 0.12p levels to match the buyers so I see it recovering in the 0.2-0.3p range
Davey50
Red x and men - yeah they looking good now but when they were on aim shareholders did not get anything. so even if red x trading now 16p the old shareholders have cancelled shares on their isa and waiting for return. if the company will return return with different name etc.
I wondered that too dozer, while watching the interview. Whoever invests will still be providing the same a amount of money whether it's listed or private. Perhaps when private the company can dictate their own terms, but when listed they are beholden to the market - who knows.