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Rene can sometimes feel like San Quentin’s antechamber but Mr Ross has intervened - we’ve been saved! Pinning his colours to the mast, runway extended, the auditors kept at bay, certainly for a while, we have another nine months at least to punctuate this board with our hopes and dreams. Fingers crossed once again; have a great end to the week.
IMO that is a very positive update. Not saying this is a screaming buy, or anything like that, but I think this shows strong business leadership - and yes, also gives an idea of how the business was probably run prior to his joining. Not buying anymore, unless Iain does first, but not selling my small holding here either. I want to see how this plays out. GLA.
Sounds ruthless, but probably needs to be. Perhaps says a lot about how the company was being run beforehand.
Mr Ross is getting to grips with the business. Cash runway extended to 2024 . 'In addition, we plan to discontinue, out-license and/or dispose of all the Company's legacy assets. We will provide further updates in due course'.
Very well put Surprised 2
Probably most stockholders are aware of this latest objective, as they have been over the last decade and more of other such dreams. There is a general hope however that like a broken clock they’ll deliver at least once.
The concern is time is running out unless there is either further dilution, which they failed to achieve in the latter part of ‘22 or the runway is extended by some form of industry collaboration, which is the gist of the latest aspiration.
Of course what no one is presently illuminating is what an extended runway represents, should it be achieved, other than more time and more research! Something that Rene has been very good at for the last fifteen years. Something that has been awesome for those presenting at conferences, less so for those wanting to make a turn on their dollar.
Outlook
With the executive team now in place, the key focus over the coming period for myself and the rest for the team will be data generation and collaboration deals to further extend the cash runway.
We are targeting to announce several larger scale exosome collaborations from existing / new partners and to develop further collaboration agreements with our iPSC platform. We also plan to accelerate the number of partnering opportunities in the 'hopper' through a greater focus on marketing of the advantages of the CustomExTM platform. This, I believe, will lead to further success for the Company over the longer term.
There is only a number of times you can go the the shareholder well before it dries up. He will have to go elsewhere to find the cash hope it is not at the shareholder expense
On a straight line basis cash would have been around £8m at the end of December and close to £5.5m at this coming year end. Would auditors sign that off as a going concern? That could imply Mr Ross has three months to pull something out of the bag! I’m sure he’s aware of that.
Looks a positive start, wonder if the 100k buyer is still around
Yes I’m one of the Woodford clan. I’ve been very excited here a few times by the ‘potential’ of various things. Really thought the eye treatment would be a company changer etc. . So far down that going to leave in….now come on those exosomes!!! We will all be millionaires.
Many who’ve been here for duration will recall the amusing and unresolved discussion of whether the two Salcombe yachtsmen and horse enthusiasts were one and the same! But as Allen suggests without Mr Woodford’s support this would have been long gone.
Beat the herd its coming
Salcombe is also the home of Woodford who is the reason why many of our long term share holders are here. He first bought in at £5 old money then went bust.
echo whjat freddie says (from good old salcombe i believe)
just a tax loss offset device now for other proper companies
should NOT be a listed company as there is nothing here for shareholders, just personal science projects which they should pay for themselves without our money
Best of luck awIting good news ....Ive been waiting 20 years and now givwn up
1mm volume mostly buys, price up. Someone buying in a number of large buys. Please please - some good news!!!!
If it is to focus on turning the RENE ship around, that is indeed terrific news. I took a small punt here when I saw he had joined. His reputation is impressive, IMO. I hope he can do here what he has managed to do elsewhere. GLA.
Looks like Mr Ross is shuffling his priorities around at the expense /relief (depending on your view) of Bivictrix:
BIVICTRIX THERAPEUTICS PLC
("BiVictriX" or the "Company" or the "Group")
Board Change
Dr. Michael Kauffman, M.D., Ph.D. appointed as Non-Executive Chairman
Iain Ross to remain a Board member
Alderley Park, 6 January 2023 - BiVictriX Therapeutics plc (AIM: BVX), an emerging biotechnology company applying a novel approach to develop next generation cancer therapies using insights derived from frontline clinical experience, announces that Dr. Michael Kauffman, M.D., Ph.D. has been appointed as Non-Executive Chairman. Dr Kauffman takes over from Iain Ross, who will continue as a Non-Executive Director on the BiVictriX Board, but steps down as Chairman due to other work commitments.
Prior to becoming Non-Executive Chairman, Dr. Kauffman was appointed as Non-Executive Director of BiVictriX in January 2022. He is a highly experienced cancer drug developer, having been instrumental in the approval of several oncology therapeutics over twenty years of working across preclinical research, clinical development, regulatory strategy and commercialisation. As Non-Executive Chairman, he will draw upon his previous experience as Co-Founder and Chief Executive Officer of oncology company Karyopharm Therapeutics Inc., which he guided from a discovery stage biotechnology company to a commercial stage organisation, with global approvals of XPOVIO®. He also led the Kyprolis® development programme at Proteolix and then Onyx Pharmaceuticals, the Velcade® development programme at Millennium Pharmaceuticals, and has held a number of senior positions at Millennium Predictive Medicine and Biogen. Dr Kauffman currently holds other Non-Executive Board positions at Verastem Oncology, Adicet Bio and Kezar Life Sciences.
Tiffany Thorn, Chief Executive Officer of BiVictriX Therapeutics plc, commented: "With the recent identification of our lead candidate, the transition of Michael Kauffman to Non-Executive Chairman of the Board comes at a pivotal time in BiVictriX's development. I am delighted to welcome Michael to his new role; no doubt his wealth of expertise across oncology drug development will continue to prove invaluable during the next stage of our progression. I would like to also express gratitude on behalf of the whole Company to Iain for his excellent support, taking us through from IPO to candidate identification and look forward to continuing to work alongside him as a valued member of our Board."
What does this suggest? Clearly failing to get a refinancing away, losing a major stockholder, and halving value is an interesting indictment of any CEO’s performance but Mr Ross and his Board have now removed two CEO’s. The latest they only appointed a few months ago. In each instance the Chair has filled the hole. Does this suggest poor diligence in the appointment, an ever present white knight or a self belief that only he is capable of turning this around? It would be interesting to know what senior managers think - a positive move or the removal of one of their own? It will also be interesting to hear what the optimism in the statement is based on - it almost sounded like one of this board’s postings. The lack of market reaction, up or down however may simply indicate ambivalence!
Thats a shame I had high hopes for Catherine Isted . I think that 50000 share sale today must be her checking out
CEO sent packing today!
Not sure where all the shares from Richard Griffiths went but this is the current list of the top ten share holders in Reneuron.
Obotrita 7.83% ,Octopas 5.86% ,Rosetta cap 5.63 %, Arix cap 5.25% , The Invus 3.73% , Evans Sir Cristopher 2.45%, Evans Mark, 1.56% , Aberdeen Assets 1.03% Spreadex Ltd 0.73%
Richard Griffiths had 11.48% sold out on the 8th Dec now not listed as a share holder.
It’s good to see the rich tradition of optimism that has defined this board over the last decade continues and is in safe hands.
Happy Christmas
Perhaps stick to talking waffle on SQZ etc