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Thanks, Trickymatters, but have not dumped the rump holding yet.
New tax year, unless some magic happens before then, lol.
We have seen some token inside buying, but really nowhere near enough IMO to make participation an attractive proposition. GLA.
FYI the Firefly merger with Wavedancer was approved by shareholders on the 18th which will give them a Nasdaq listing.
https://wavedancer.com/
For those wondering why I'm mentioning this, Stalicla announced that they were working with Firefly a year ago;
https://stalicla.com/media/news/firefly-neuroscience
I think this acquisition has been on the cards for a while.
Maybe since HUW resigned his directorship.
It could also explain HUW's claim that he was unable to purchase shares.
Maybe they were hoping to have the stalicla money by now and have had to restructure the deal.
Dont think this undermines any deal with stalicla because that relates to sfx01 only and is associated quite specifically with neurodevelopmental disorders.
I hate the new name and often associate name changes with desperation.
Is that you, Huw? Lol.
CEO, Dr Huw Jones, and CFO, Toni Hänninen and CBO, Dr Helen Kuhlman, will provide a live presentation on the acquisition of Chronos Therapeutics, the Placing and Subscription, the Retail Offer and the change of name as detailed in this Announcement and the Circular.
The presentation will take place via the Investor Meet platform on Wednesday 20 March at 10am GMT.
https://otp.tools.investis.com/clients/uk/evgen_pharma1/rns/regulatory-story.aspx?cid=1240&newsid=1800940
BOOM
Great news ;-)
You should all look on this as a positive, it could have been so much more and really diluted existing shareholders plus they can now say they have a 1 year runway. Let's just hope the bods finally contribute, it would be truly shocking if they again remained on the sidelines.
CJ.
2024 is the year of avoiding almost all Pharma/Bio's, it's quite clear you cannot trust or believe any of the numbers or cash they claim to have or the runway they claim it will last to. I had quite a few Rene when that was suspended and I thought I had a good 3-6 month safety net to get them out when they were suddenly suspended with no money and this is probably the tip of the iceberg. Avct got a lot of stick for their 50p placing but infact it was a stroke of genius raising all that money while they had the chance, most stocks prices are tanking with little hope of getting a sensible price for their next funding, infact most need a miracle.
To be honest, I am pondering whether to notify the authorities to see whether they think this looks 'off' too, but I am not sure that I have much faith in them either.
Glad it was not just me that came to a...less than positive opinion on this latest update.
Take it you will not be participating in this raise then? Lol.
If I put my Rose Tinted Glasses on again I could imagine that Evgen have seen the results with Stalicla and have surmised that Stalicla are trying to hold SFX-01 down on the back of good results...
The deal could show that EVG will go it alone if necessary using the Chronos dedicated laboratory in Oxford which screens for activity of drugs in brain disease through its proprietary platform, Chronoscreen™
I don't know how else to read what has happened today ??
Can anyone make sense of this? Evgen maintained that they have enough money to last to the end of 2024 and are expecting up to $5.5m by the end of the year from Stalicla. So why issue a share placing now to raise a pathetic £1m which will only fund the company an extra four months and dilute the shares considerably.
I always feared this would happen.
This doesn’t bode well at all for the Stalicla deal if Evgen are raising funds from a placing now.
Start with Companies House and the list of Directors in that outfit.
Certainly would be interested in the opinions of others here on this latest development.
Quite a bit to digest there
Staclica lawyers would have requested phase 2 info removed from their website whilst the payment is under investigation.
My interpretation is that there is a new BoD at Staclica and everything is under review.
Radar,
The facts are facts..
An update on the dispute will be issued when Both parties Come to a conclusion.
WE don't know if the conclusion will be favorable or not for us , Evg shareholders ..
Meanwhile the market has priced in the risk .
Biotech investing demands patience and risk management so everyone to their own trades and convictions !
You can hope all you want until the cows come home or there are elephants in the sky.
Hope will not change the facts, son.
Well hopefully we will have an update soon about whether all is well with the Stalicla deal or not. I hope all is well, I want this to be successful, I want this to give us opportunities to make money from and that will end if the Stalicla deal collapses. I am invested here, only £1000 now at 1p but I’d be delighted to double up and it will pass 2.5p if Evgen get the $5.5m they are expecting.
There will always be people who will ignore the warnings and have total belief in a company, I’ve seen it so many times on these message boards. It’s dangerous to be like that though, you always need to be level headed and take into consideration both the positive and negatives.
You could ask why did the new CFO decide to join if things are in trouble. But you could also ask why did Axa sell their entire holding when they did? Why have the Directors never bought in?
This is like a poker hand, we don’t know how this will pan out yet, you can only piece together what we do know and then make an assumption on what will happen. The next update we have on this will be pivotal.
How many shares has he bought? How many shares have the other directors bought, since, say for example, the fall of the Roman Empire? Or has the window been closed all this time?
If something is brewing, I could not be more confident that it will be to the detriment of shareholders. Based on all the years I have been stuck in this dog!
Like so many outfits in this space, the stench makes Venice appear fragrant in a typical August.
If the situation is so dire then why did the new CFO decide to join? He was in role on a temp basis for a while before taking on the role permanently. He is no muppet. Something brewing here IMO.
Yes I agree investor, things aren’t looking good with the Stalicla deal. I definitely remember it stating on Stalicla’s pipeline that phase 2 would begin in 2024 and now that is no longer showing. Why remove that? Why are Stalicla not paying Evgen the $500k milestone payment that by the sounds of it Evgen thought they had fulfilled their duties last August. And then there is the problem that made me turn against Evgen which is that originally Evgen said they would receive $6m from Stalicla by end of 2023 which suddenly changed to expected up to $6m in 2024 but without any explanation. What is going on with this deal? How can it be having so many problems so early on? I think EVG should update shareholders about what is going on, it’s a really major issue.
I’ve tried to post here twice today, and twice the message has wiped because this broken chat. That’s really really sad. Anyway., I’m enjoying buying these around the 1p level ahead of the imminent announcement of the milestone money received RNS.
On the assumption that they are unable to get a raise away (lets be honest: why would anyone participate in filling the begging bowl of this outfit any further?) then at least administration would put these lifestyle paycheck merchants out of employment. Better late than never.
This is another of these types of outfits where no shareholder update changes, in spite of a sustained and prolific SP collapse, makes you question the whole set up. The lack of inside buying, all this time, was the big one though of course.
Just hope it does not go pop before the next tax year. GLA.
Unfortunately things aren't looking great. Stalicla have removed the statement suggesting that STP-2 will be entering Phase 2 this year. Their website, updated recently, now say "Phase 1 data is currently being evaluated to support further clinical development into phase 2 trials." So there is no longer any mention of entering Phase 2 this year. This change, to me, speaks volumes about the relationship between the two companies and indicates Staliclas intentions.
It is, regrettably, becoming more clear that Stalicla likely have no intention of paying Evgen the money they are owed in a timely manner and are delaying it as long as possible, knowing Evgen will be under financial pressure come the end of the year. It is heartbreaking to say this, as the science has not changed, and I still believe a lot of money will be made from SFX-01. However, it is looking more and more doubtful that us PIs will be left with anything.
Evgen really need another deal to force Stalicla's hand, but the reality is that this is not likely given the situation. There is still the possibility of an opportunistic offer coming forth though, and I would say this is more likely than a traditional deal, given the pitiful market cap and dire situation Evgen is in. While under most circumstance a buyer would wait for administration to pick at the bones, the fact that Evgen still have the Stalicla deal (although its future is a bit more uncertain given recent events) then a buyer may wish to buy the company to out manoeuvre Stalicla. I still think Stalicla believe in SFX-01 as they have not dropped it, however, they want it at next to no cost.
Given the circumstance I don't think a buyer would have to pay much, under £10m would likely secure it, as the only alternative is mass dilution (the company would want at least 6-12 months cash, so I'd expect at least a 50% dilution), a convertible loan note (death spiral) or admin.
Hopefully though, this spat with Stalilca will be cleared up and Phase 2 will still happen with the $5.5m saving Evgen from this fate. If it does go to admin, then I'm sure I'm not alone in the fact that I'll be saying bye-bye to tens of thousands of pounds.
And still no news. What is going on here? You’d like to think Evgen were confident they fulfilled their requirements for this $500k milestone payment. The fact Stalicla haven’t quickly paid up shows that they have some issues. What are they going to be like when it comes to paying up for the $5m payment when this goes into stage 2? This needs sorting out for all $5.5m by October time otherwise they’ll have to issue a share placing.