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There is no way the sp fall here is simply due to the finance, poor option that it was.
A couple of million finance doesn't account for c70m drop in mcap. The downtrend had actually long before the finance package.
What we have I believe is short activity multiplied by the natural volatility of AIM. The same appears to be happening on AVCT.
There literally are no more pips to squeak now, so hopefully we will see a more rational sp action. I'll be cautious about the retail offer and add a small amount
The SP is a reflection of poor financing nothing more nothing less which is now sorted, all positive RNS’s and forward momentum on both SDC-1801 & SRA737 in the last 12 months have been clouded by RF.
Previously under RF we could have drawn down a further £2.7m + £1.2m Tax credits / totalling £3.9m being enough to fully complete P1a & P1b Inc working capital till Q4 2024.
With the current raise of £2.2m Inc 700k Tax credits and with a deferred portion of salaries that gives us a very comfortable cash runway into 2025 Interestingly we are only £1.7m short on a 24 patient trial in either P1b or P2a Trial - Not a huge shortfall /
IMO SDC-1801 is being packaged up for a partnership / license deal on good P1a results without progressing further and may explain why the switch to naming a P2a trail. As a bonus upcoming news is blinded from the Bod / Markets and brepocitinib P1 data is in the public domain for all to compare.
As always DYOR - Value Play Mk Cap a crazy £7m.
Just a few points from the March 2023 Investor Meets Q&A -
"First in human data generated in Australia is accepted by regulators world-wide."
"As far as the Phase 1a part of the trial is concerned, we plan to fully conduct that in Australia. For the Phase 1b, if we need to expand that out of Australia, we're not closing any doors, and it's possible that we could look for patients in the UK and other countries. But the current plan is to conduct all the Phase 1 trials in Australia."
"For the Phase 1b portion of our trial, we will collaborate with dermatology clinics that can refer appropriate patients to volunteer for the psoriasis study. One of the many advantages of conducting trials in Australia is the ready availability of psoriasis patients."
Since we appear to be skipping 1b and heading for a 2a trial, the BoD might look for any newer taxbreaks or govt. funding that wasn't available at the time last year.
Worth having a read of "Why conduct your clinical trial in Australia" as issued by "austrailianclinicaltrials.gov.au" and updated 29th January 2024 - accepted by US FDA, European EMA, follow accepted international GCP - good clinical practice.
GLA
You will find big Pharma have their hands in virtually everywhere including Oz
For a UK trial, Would Sareum still need to provide additional data / undergo a review from GLP monitoring authority?
Common sense suggests a successful Phase 1 trial with no serious adverse events would supersede this... But then again, governmental authorities and paperwork...
Why risk it the MHRA are probably in the hands of big Pharma once bitten twice shy if we can continue in Oz why not
The Nucleus Network in Oz seems to specialise in P1 trials so I'm not sure if the P2a trial will also be carried out by them. It would make sense if they can do the trial for some degree of continuity but with positive P1a results maybe the BoD will have another crack at getting through the MHRA redtape.
The link below suggests the MHRA has finally got its act together re timelines for approvals and I think the clinical results from Oz would be acceptable to them.
https://assets.publishing.service.gov.uk/media/65f463b550397e0011c755a2/MHRA-Performance-Metrics_CIT_2302-2401_CI_2303-2402.pdf
Not sure how trial costs compare between here and Oz but would hope the BoD can maximise cost efficiencies.