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I'm sure he said big contract to be announced within a week?
I'm also sure he said it won't take long to fill the million tests a year?
The implication was around £150m for our share of Imutex.
Also, figures given online for pricing aren't far out - that must mean £120 to £150 per test.
Made some more notes from the webinar questions just now. Fairly similar overall to the take-aways from the Proactive presentation the other day, but very interestingly this time CF mentioned he expects three new contracts with major pharmas to be announced within the next month. No confirmation on revenue from testing, but it sounds like the guesses floating around online aren't bad.
Asked what do you think is the most misunderstood thing about ORPH?
CF said the recent fundraise was unexpected – contracts expected with 3 of top 5 global pharmas within the next month. Cash balance makes the likes of J&J, Pfizer etc. more confident doing business with ORPH. £12m raised won’t be wasted.
Why didn’t you raise more if you could have?
CF said they dIdn’t want to raise too much. If they were to fundraise again (didn’t say this was going to happen, very much an ‘if’) more new shares would be made available to retail investors as the company values these investors. Mentioned that the company is always focused on original plan to cut costs and sell, not to ‘fall in love’ with any of the combined companies.
Open for business for antibody testing tomorrow – focusing on London and SE initially? Who are targets? Any contracts already signed?
Yes open for business tomorrow, reiterated 3000 per day capacity. Mentioned competition from Roche etc. Emphasised B2B nature of ORPH’s testing. Did not mention any contracts already signed.
Would there be demand for a second machine? Would you be able to get one?
CF said ORPH are hoping to hit 3000 per day which is a great target but CF believes they wouldn’t have any trouble getting a second machine if they needed one.
Can you give a final per test price, and revenue share for ORPH on the antibody testing?
Couldn’t disclose exact price/revenue split but CF mentioned that there is a lot of ‘online guessing’ and the guesses he’s seen aren’t far off the mark. Also name dropped a number of companies who will ‘pay a premium’ such as J P Morgan.
Imutex deal structure – how would ORPH shareholders be treated?
Imutex is a non core asset but similar to Themis acquired by Merck for up to £500m. Carrying out strategic review of Imutex and looking to monetise in some way. Again literally invited Novartis to make an offer! Suggested that company would be worth ‘quite a few hundred million’ if it was vended into a Nasdaq listing.