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Suggest a change in header as you can't all still be travelling!!!
@PM2022
Directors already confirmed their position in the release:-
"The Directors of the Company have confirmed their intention to subscribe through the Fundraise an amount of £32,500 in aggregate"
So that's 325,000 shares actually being purchased and paid for and 6.5m shares in options
I will think about what you have said
@Lockdowns
It wont go the same way as 4D because VAL they have just completed the initial part of the fund raise and likely to complete on the broker options. Hence fully funded for at least the next 12 months.
GL
Porky I have been informed by some reliable contacts. Why don't you message him if you are unsure.
Also the directors are buying into the placing. Refer back to the Twitter message by Suzy but I'm sure they will get some options as well. Regardless it cannot be lower than the current SP.
@PM2022
Adam has said he will ADD some but I have not seen Nick post that he will be adding yet
There are lots of opportunities out there
But that’s each to own decisions
As I say I need to see those additions, see what the options like also
GL
I am aware Nick is buying lots more. Better to buy in the placing or once placing is completed imo.
PM2022 I am aware Adam has suggested he will add however I did not see anything from Nick, I must have missed this?
Porky when does your money come through?
Trying to keep us at 10p so you can buy later is not good. If you want to buy the sell some of your other stocks if you want but I am sure news will be coming soon.
By the way they cannot raise much cash for the lab at the current price which is why it was not done. 1 year is a long time and lots of news first. Also they will not be be able to get a big loan at our current market cap either. Therefore can I request that you stop going on about the lab. 50 60p market cap is good enough.
You keep going on about the same issues. The board will do what they do and bring in who they want. They did a placing at 10p what you say makes no difference.
Adam and Nick are loading up.
cont..
So not sure what to think TBH, the 10p placing looks cheap but I just can’t hit the buy button myself if this remains the Kevin and Suzy show. IF THx gets further delays now no time lines are set, we need to moneytise the other legacy assets, if we are buying labs the deals must be right if shares are used in exchange, i really want some other voices in making those decisions not just Kevin and Suzy.
Poster @MrBB makes a great point, someone like Dame Louise Makin is exactly the sort of addition we need. I just feel that the board needs bolstering, I don’t share Kevin’s view that Suzy is a formidable negotiator, I just don’t. A select panel to properly evaluate all decisions is what’s required to avoid repeat errors IMHO
Bolster the board and I’m in big time. To do the same and expect a different result is madness, I think this is my main issue having given this further thought. I really would welcome others thoughts if they disagree?
GL whatever your call on this...
@OB @Iceman888
I read much of what you both post and in total agreement with @Iceman888 it would be a far different situation making these decisions without the safety net of being able to pull on placing cash so easily.
Prior to the presentation I had this view in my head that Suzy was prudent with the cash flow, managing finances carefully and I could trust her keeping this in check. It was evident from the presentation that she looks to Kevin for guidance but its clear to me from decisions made that she lacks commercial acumen.
For example, on the 5th Jan 2022 she confirmed by RNS they had entered into the service agreement with THx from 1/11/21. This gave the market the impression that THx were a dedicated partner, paying for the support contract. At the same time the house broker CENKOS issued the broker notes which I read, and it clearly stated that the service contract would add 10k USD per month to revenues. During the presentation she said the number was plucked out of thin air and she couldn’t divulge it as it was commercially sensitive, but the fee was accruing and would be paid when they get funded. Clearly CENKOS got that figure from somewhere BUT my point here really echo’s @Iceman888 point, any other business would not undertake this work without payment knowing that they didn’t have sufficient working capital to pay wages shortly but moreover the RNS in Jan did not say payment for this work is also subject to THx securing funding.
On 5th Jan the SP was 38p with her knowing that no money was coming in under this agreement and knowing from the year end she had 5 mths max of working capital runway left, she already had authority to issue up to 10m of shares, why not issue say 5m at 25p I,e £1.25m rather than leave it right to the wire and force a discounted placing. I still don’t get this decision.
Then we come onto the acquisition of the lab and also Kevin’s view that they have a Buy and build strategy and will be looking to acquire up to 4 cash generating CROs to bring into the tCRO going forwards. Now this sounds like a great plan, don’t get me wrong but how exactly will this get funded? The money raised in the placing covers next years working capital and on the basis that TRX does get funded we don’t see that much cash coming in payments over the next two years, so will these acquisitions be via share issue or merger for further dilution?
cont...
Ice
Nic and Adam are ball ball deep, for me this is more of a hobby… so don’t listen too much to my waffle, lol
I was asked after the placing, am I still confident about £2.36? …. Yes I am, but it’s a few years away..
Give me a a good reason why this couldn’t hit my target?
I am giving this 4 years?
OB
Hi OB,
My intentions are always good. I want Suzy to get better so she can build a great company. It benefits me as I have a lot of money invested here. i invested here because of Suzy. Because I thought she was a good person and will move VAL 201/VAL401/VAL301. The problem is she relies on too many experts and they are making money at our expense. Im now down 70%. Im looking to add more next week. Crazy not to!
I think with current market cap plus the cash in the bank this is great opportunity. I would have loved to see a change on the board. It will give me even more confidence. The placing was a knockout blow for me. But im feeling a lot better after reading Adams/Nicks and yours posts.
Absolute heaven on earth! Milford Sound. I spent two weeks here when i was back packing around New Zealand and Australia.
https://www.newzealand.com/uk/milford-sound/
Hi ice
Try fishing in the middle of nowhere for a day, or a days shooting, then out to a country pub for a slap up dinner with the smell of an open fire and wet dog, lol
You we’re getting a bit uncomfortably personal for a moment there, however I respect your opinion, and I respect the amount of funds you have ploughed in..
Although TRX are a start up as far as I am aware the guys at the top are not dumb dumbs, they are well versed in raising funds, and have the expertise to take 201 to market.. however I agree, we should leave the door open until money has changed hands :)
As for your last comment, I am with you 100%
OB
Hello OB,
Camberwell is a nice place. Im on the other side of River Thames. I liKe going to country side for a day trip but i get bored if I stay there for too long.
Im only reading what is said here and on the Telegram group so i dont have any other source of information. There was a mention of other parties that were interested in VAL201. I think we all have a comfort zone. I think Suzy has hers and I feel she is not comfortable working with big biotech companies. Maybe she doesnt get as much attention and control as these two guys are giving here. I might be wrong here but I think Suzy's two most important needs are "Significance" and "Connection/love". She wants to feel important and connected to the people she is working with. This is why she replies to all our emails (connection/love) and she is craving to build her own legacy (women's health). She wants to be known in the industry. To be centre of attention.
I would never have shut the doors on other clients when I accepted TX. I would have kept the doors open and maintained some pressure on TX. TX has the exclusivity but this does not stop me talking to other parties that were interested. This is why I said that running a private company is very different to running an AIM company. You need to build a safety net and in private sector your safety net is not the shareholders but the 2nd or the 3rd party that were interested (survival instinct). TX is a start up and most of these dont even start. Too risky for me. If Suzy was in private sector this mistake would have put here in bankruptcy. This is why your choices and decisions are very different.
Look at the most successful companies Apple, Microsoft, Tesla, Google, Amazon... they all have major shareholder ( funder/owner) still influencing their decisions or running it. So we need a major shareholder on the BOD. Someone who understands the work and has a skin in the game. Someone who will lose big or gain big if wrong decisions are made. Then you will see a transformational change in the company!
Note a further update will be made in due course.
10p is a given. Update 201 as stated in the RNS below, breast cancer then deal 50p-70p I think. Additional shares cannot do anything at the current price. This is for much later but first we enjoy the run to 50p.
London, UK - ValiRx Plc (AIM: VAL), a life science company focusing on early-stage cancer therapeutics and women's health, announces today it has extended the exclusivity period for TheoremRx Inc. ("TheoremRx"), to complete their financing round and execute the sub-license for VAL201 for use in oncology indications.
Further to the announcement of 17 June 2022, the Company confirms that additional details have been received from TheoremRx regarding the progress of its financing round and strategic plans which are subject to review to the satisfaction of the Company. Meantime, the Company has agreed to extend the period of exclusivity described in the VAL201 Letter of Intent entered into by ValiRx and TheoremRx until TheoremRx has completed its funding round. The Company has reserved the right to terminate the exclusivity in the event that the board believes sufficient progress is not maintained.
A further update will be made in due course.
The Letter of Intent and proposed sub-license therefore remain non-binding and there is no guarantee that this sub-license will be executed or that it will generate material revenues within the expected timeframe or at all.
Dr Suzy Dilly, CEO of ValiRx commented: "We continue to work closely with TheoremRx and are pleased to have received several items to confirm their progress towards completing their financing round. In the light of these developments, we are pleased to be able to extend their exclusivity period until this financing is completed. In the meantime, we continue to work as a team, with ValiRx supporting their development plans, and with TheoremRx providing reciprocal support by devoting their time to our endeavours."
Dr Ken Sorensen, Chairman of TheoremRx stated: "We have appreciated the work carried out so far, and we remain confident of being able to complete our financing round. VAL201 is an important part of our pipeline of new projects."
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"). The Directors of the Company take responsibility for this announcement.
Hi ice
Thanks for your reply..
I know you love London, and I must admit I love true Londoners, so many lovely characters, I spent a fair amount of my youth visiting/staying with a relative in camberwell, but it was too hectic for me, i am a country bumpkin..
Ultimately would you have had the balls to bin off TRX assuming they are the mutts and start all over again ?
I can see you would have grabbed the bull by the horns so to speak, but ultimately we would still be where we are now surely? You cannot force something that is out of one’s control to happen, TRX are having issues..
We could debate timings all day long, and I agree they were not great timings, imo
Voice on the board! I am in 100% agreement with you .
The way I see it (just my opinion) we have little choice but to stick with TRX as the alternative COULD mean yet another rise in a years time, unless another legacy project comes up trumps.. possible I suppose.
Have a great weekend chap
OB
@Freddleboy
Your comment is actually counter productive if you think about it, you cant say on the one hand that its tough for small Bios to raise capital and the position is getting worse, which incidentally I whole heartly agree with, and at the same time use it in a positive context that the funding here is done when in reality much of our situation is down to If the stateside SPV gets funded.
Nine months and waiting and not funded yet nor service fees paid, IF they don’t get funded then we need to move to a plan B and find a new partner.
@Iceman888
I am actually 100% in line with your thinking, I’m sitting on my hands currently partly because I’m waiting on some deals to complete in my business world which will allow me to speculate more on higher risk AIM plays BUT more, so I want to see how events unfold here and changes implemented.
The board needs bolstering with at least two appointments that are experienced or otherwise we continue making the same mistakes.
I was shocked that Kevin thought Suzy a “formidable negotiator” I’m a massive fan of Suzy but bloody hell she’s far from that, this is her weakest area, and she needs Board support. FACT
Also, prior to this they were talking about Lab acquisition yet not enough CAB to cover the next months payroll. We still have no clarity on how the lab will be funded and during the presentation Kevin refers to possibly 3 or 4 acquisitions in this arena to bolster the new lab concept moving forward. Where I this money coming from?
There is still a certain amount of naivety on the board IMO and that can only change with additions, its how it is.
I understand detailed Q&A will be published shortly so look forward to that
GLA
When mentioning a new NED Suzy was at pains to tell us how busy Adam was it was almost as if she didn’t want him being involved I would like to hear from the man himself as to whether he would be interested and has the time to give to the position
Northern hero I would have said watching the AGM yesterday was like watching Matt Han**** servicing his female buddy in their office. The result was the same any LTH and the female buddy got well and truly screwed over
Bang on, Ice.
Rewarding p1ss poor performance, breeds a culture that will be difficult to change.
Watching them do the AGM yesterday was like watching Matt Han**** and Nadine Dorries giving evidence at a select committee.
@ OB
OB, great question. I went to bed little early yesterday as I had a very eventful day here. I used to work near Liverpool Street. City has its buzz. It’s a great place and I loved every minute I was there.
I’m not a biotech guy but I do understand business. The mindset is very different from running an AIM company to a private company. This is why its so important that the CEO/BOD own shares in the company they work for on AIM.
So, what will I do different? Knowing me I would have actually done this. Initial time frame was two months and TX asked for 3 months extension. The war started on 20th February. They had a decent time to get the funds plus the market was peaking in December/January. So, the market was good. I would have checked their progress and if I was happy with the progress then I would given them the first extension. But I would have asked them to update me after 6 weeks so I know what is happening. Not after 3 months!
When they asked for the 2nd extension then if Suzy/Kevin had a good business mind, their alarm bells should start ring. I would have asked for a monthly zoom call to keep me updated as my cash flow was running low. Suzy should be watching her bank balance on daily basis. I guess as her company is not generating any income then at least on a weekly basis. But I don’t think she bothers until she has to make a payment i.e salary. I check my bank accounts every morning! It should be your score board if you run a private company. She has nothing to loss plus a safety net i.e shareholders. If I saw any reason that they were not going to make it then I would have done a placing much early.
Her running to the brokers office tells me she is clueless and reckless. Maybe she was stuck in a dreamland and then one day she released that she didn’t have the money to pay the bills so she panicked. What is Kevin doing?
I think we need a voice on the board if we want anything to change. The same people will produce the same results. Why should they change now that they have £2.5 million in the bank? Once you take an easy way out then you will gravitate towards that. We need someone to represent the shareholders interest on the board.
I say it how it is not how I think it should be. We should judge her from her RESULTS! and nothing else.
I bought to average down. Not always the right move but with the raise at least we know they are not going bust so time on our side and at a massive drop in price
Exactly…. No point buying shares before the 7th July when the placing happens otherwise any shares purchased will be diluted!
They haven’t actually raised the money yet and there is the option to raise a further million diluting the share even more. I’m waiting.
Is this the right time to dive in? Bit of a quandary as over the years I have witnessed SP dropping lower than placing SP. Let’s see how this opens this morning.