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Yes, hence the long reaching raise. Better for them to lower expectations and plan for it, leaving plenty of room for upside (imo). The dilution is a necessary of the raise and not too bad when you consider the new cash runaway. I think it’s a well run company with huge prospects, and a little gem amongst so many other risky pharma stocks (well, this and ROQ have my main attention).
...fully funded through 2026, by which time Thermo Fischer will have a full 360 view on the present and future value of Verici's game changing suite of diagnostic/prognostic tests for kidney transplants in a real-world/commercial market setting. How long do we give them before they get bid for?
I have added some at 9p this morning and will take up all my allocation in the Retail Offer for sure.
Happy days, finally a decent company getting the funding it deserves!
It also diminishes the risk of Thermo coming in with a low ball offer!
Beast - it’s 36% dilution (not including the separate conditional retail offer ) and not to mention ;
“ The Company recognises the risks associated with the launch of a new test (including the time to obtain the initial Local Coverage Determination) and taking into account the potential timing effects of this for the build-up of Tutivia(TM) sales in 2024, is reducing its expectations for Tutivia(TM) revenue for 2024. The effect of this reduction is expected to be at least partially offset by revenue from other sources including research collaborations. “
...yep, completely agree, this is a big deal in this market, huge vote of confidence from existing and new investors at this lowly valuation! Other deals are being priced at significant discounts, 9p is practically flat on the past week and my view is that it's a discount to where the shares should be trading on the Thermo Fischer news, 15-20p. In a normal market, where future growth has value, the shares would easily be 40p+
Jump in, the water's warm!
Fully funded until 26 now. Perfect time to jump in as a new investor (at placing no less). Nothing but upside here for the next year and Q2 will see huge value being added. Get in before the herds arrive imo
It’s a cash raise which is hardly ever good news for investors but it’s been negotiated at a good price . Still think it’s good a lot of potential
Buy some more and reduce your average only upside from here!
My average is high teens, if its great news why we down 10%.
Do you not get placings. 9p is amazing
9p makes no sense, if people wanted to invest at 9p they could've last week. I can see people will running out of patience here
...this should firmly remove any concern or doubt about funding and runway, as the company will be funded well into 2026, giving them plenty of time to leverage their newly contracted licensing deal with Thermo Fischer and exploit their existing product pipeline and IP, onwards ho then!
Yay
The Placing will be conducted at a price of 9.0 pence per Ordinary Share (the "Issue Price"). The Issue Price represents a discount of 11.1 per cent. to Verici's closing mid-price on 23 January 2024 (being the last practicable day prior to the publication of this Announcement).
The Placing will involve the issue of not less than 61,111,111 new Ordinary Shares (the "Placing Shares"), representing at least 35.9 per cent. of the existing issued ordinary share capital of the Company.
In addition to the Placing, it is proposed that there will be a separate conditional retail offer to existing Shareholders via the BookBuild Platform (the "Retail Offer" and, together with the Placing, the "Fundraising") to raise further proceeds for the Company at the Issue Price via the issue of further new Ordinary Shares (the "Retail Offer Shares", together with the Placing Shares, the "New Ordinary Shares"). The Retail Offer aims to provide existing retail Shareholders in the Company with an opportunity to participate in the Fundraising.
Can you imagine the scramble to get in when the Thermo Fisher payment arrives? These last raised cash at 35p and that was before they signed commercial deals. There will be plenty support for this in size and not at these depressed prices
Lotta kidneys, lotta monies. Very quiet here though . Watchin and waitin
Approx 400-500 (including living donor transplants) per week. So with around 100 per week using both Tutivia(TM) (CPT 0320U), its post-transplant test focused upon acute cellular rejection, and Clarava(TM) (CPT 0319U), its pre-transplant prognosis test for the risk of early acute rejection
Then $265000 per week or $13,780,000 per annum. ?
Is that about right?
Half of these posters must be chat gpt . Messages like that are pure oxymoronic nonsense .
Yeah i will pay 50% more for a company needing a loan.
Talk sense man
Any raise is unlikely to be at a big discount and may even be at a premium as has happened at one or two other companies; the prospects for the company are much better now so it may be able to command better pricing in any raise of needed.
A raise may not be needed if the ThermoFisher upfront payment is received soon.
I have taken a starter position.
...as far as I understand it they're now funded until mid 2025, assuming zero sales, so my view is that they'll start to see early interest from their Clarava launch via TMO in Q2, and given how well positioned Thermo Fischer are across the US, Kidney Centres and Hospital systems, we should expect to be positively surprised. If so, they may move fairly quickly to break-even thereafter and any funding that follows could or should be for growth (not survival) capital.
Well that's my two cents, one to own and tuck away in the back book and revisit when the newsflow from the Q2 launch picks up... This said, and in the meantime, they may well go on to announce further license deals for Tutivia and Protega once they have that up and running.
From the RNS:
"The license agreement includes an upfront payment to the Company, along with a number of further payments conditional upon operational deliverables related to technology transfer and related publications."
Unknown as to how much 'upfront'.
Previous guidance was they were fully funded until mid 2024. (but who knows)
They are hitting very positive milestones increasing the commerciality of the company and thus the value of the company.
They will either be a successful profitable company or they will be taken over by a bigger fish!
Either at a substantial premium to todays mcap imho.
GL.
The receipt of the upfront payment is mentioned as being over the next 12 months.
Is there likely to be a fundraise then as existing funds will dry up in the next few months?
Marketing and sales and manufacturing facilities for higher volumes of sales for its tests is normally an expensive process and they are likely to need more money.
Remember there are now 3 different tests Clarava Tutivia and Protega.
50% of test price is profit and half of that profit will go to TF. So bottom line would be 600 or 700 dollars.