Member Info for Acuere

Here is a more recent interview with Vadim from Sept 22. He still holds but had reduced. He made the point that it would have been far easier for the FDA to kick back the application, but the fact they were going out of their way to help get approval was a positive.
I can’t help thinking the FDA really wanted this to succeed because they could see what a huge advancement in scan imaging this is and what an improvement it will make to peoples diagnoses.

And another new agreement

https://pulsiv.co.uk/news/pulsiv-signs-new-distribution-agreement-with-pankaj-electronics-india/

This is a great example of how one of Fipps investments could really reap dividends.
The Strep suis vaccine is just 1 of 9 projects being worked on by TVG. Not all will succeed of course but it’s worth looking at what a vaccine for pigs could be worth. Worldwide there are roughly 1.5bn pigs born each year. The current process of treating them with antibiotics is quite costly so a vaccine treatment would be preferred.
So if say 80% of pigs were vaccinated, how much might TVG receive assuming they’re paid in royalties? Obviously I’ve no idea how much but at just 1p per vaccine that would be £12m a year.
FIPPs 17% stake in TVG was valued at £5.5m meaning TVG valued at £32.6m.
That valuation would seriously increase in coming years if this of any of the other projects come to fruition.

I would say the driving force is the realisation of what the 18% stake in Pulsiv could be worth.
The Exai stake is only about 10% of Fipp NAV now. The fall in Exai SP makes Fipp decision to cash in at above $20 and again at $11+ look smart. That said current Exai SP looks oversold. Current mkt cap is $712m backed by $624m cash equivalents.

Pulsiv will be attending major trade show Electronica in Munich next week.

“As one of the industry’s leading events, Electronica is the perfect platform to further showcase our truly game changing power electronics technology to a multitude of companies. With so many manufacturers seeking to optimise cost, improve efficiency and reduce energy consumption in a diverse range of applications, we’re excited to have the opportunity to demonstrate how Pulsiv can contribute to achieving those goals”.

On the back of the Ismosys presidents comments (they are also in attendance) of “game changer” and massive expectations and enthusiasm, this could generate significant business.

hTTps://pulsiv.co.uk/news/pulsivs-leadership-team-will-be-attending-electronica-2022/

https://pulsiv.co.uk/news/pulsiv-announces-a-new-pan-european-agreement-with-ismosys-group-ltd/

I like this bit.

“Pulsiv is definitely a game changer and clearly possess a leading technology on the Power Conversion Arena. The expectations and enthusiasm at the Industry are massive.” ISMOsys President, Roberto Blanco

9th October 2022

Salom Europe Ltd collaborates with Pulsiv to create game changing PSU platform
As a leader in power solutions for consumer electronics applications, Salom is very excited to announce a new 150W PSU platform based on Pulsiv Osmium™ technology.

About Salom: Salom is a leading global manufacturer of power supplies for consumer electronics products. As a manufacturing partner for global brands, Salom has produced in excess of 3Bn power suppliers since our formation. Salom products are trusted by some of the most successful electronics companies in the world, quietly and efficiently powering devices across the globe for more than 50 years.

Salom products are trusted by some of the most successful electronics companies in the world, including…
Dyson
Kyocera
Motorola
Philips

I see the Pulsiv website is now up and running.
It has news of a couple of distribution agreements signed recently.

https://pulsiv.co.uk/news/pulsiv-signs-global-distribution-agreement-with-digikey/

https://pulsiv.co.uk/news/pulsiv-signs-strategic-distribution-agreement-with-astute-electronics/

The Digikey one maybe more lucrative as they are the 5th biggest electronic component distributor in the world, although availability doesn’t commence until later this month.

It was the Q2 revenues being less than Q1 that disappointed me. Sanofi deal and the cash pile was already known. Make no mistake however, I am a big fan of Exai and added more yesterday as the market reacted unfavourably.

From Fipp I’d like to see a few updates in coming months on progress being made. Particularly Pulsiv’s work with Bosch following the strengthening of the board in June last year. How long has their website been pending? The usually understated Neil Crabb flagged up that a few of these were reaching inflection points this year, so here’s hoping.

Exscientia results last night were a little underwhelming, but long term I expect them to perform well.
Todays RNS shows Fipp have now sold half their stake in them giving us a nice cash pile for future investments. I love the paragraph in RNS which shows just how dramatic returns on these early investments can be.

“In total, the Group has sold a total of 782,400 Exscientia ADSs since 10 January 2022 for net proceeds of approximately £9.96 million generating an estimated realised gain for Frontier IP of £2.79 million in the financial year to 30 June 2022 and £0.31 million in the financial year to 30 June 2023. The original cost for these shares was less than £2,000.“

……if that’s the seller done we might see a change in fortune here.

That’s a hefty trade of 3.885m

That’s a hefty trade of 3.885m

That’s a hefty trade of 3.885m

The Guardian has picked up on the progress of Fipps 22.2% owned Fieldwork Robotics.

https://www.theguardian.com/business/2022/jun/01/uk-raspberry-picking-robot-soft-fruit

It adds a bit more detail to what was mentioned in Fipps recent newsletter. I must admit I was slightly underwhelmed that it could pick 1kg of raspberries in one hour. However compared to a rate of 1 berry per minute 3 years ago, that’s quite an advance. Also pleasing to read they expect to improve to 4kg an hour which would be 25000 berries a day. Still very early days in commerciality but could be a very big market in a few years.

There was no mention of Pulsiv in the newsletter. The board has been strengthened with new CEO, CSO and CFO appointed in last year. The usually understated Neil Crabb has often flagged up hopes that Pulsiv will be a major green energy company. Hopefully we will hear news of a major commercial agreement for them soon.

“ANGLE anticipates that the Parsortix system will be adopted worldwide. Market research estimates the market opportunity for liquid biopsy in the United States alone could grow to more than US$100 billion per annum.”

People hitting the sell button today are clearly unaware of the true worth of this company.

The loss of 1/3 of the share price in a month looks a bit harsh here.
Aside general market sentiment, the main reason for the fall can be attributed to the drop in the SP of Exscientia. Fipp sold 25% of their holding earlier this year at about $20 a share, since when the price has slipped as low as $6.58 today.
However looking at Exscientia, with a market cap of $900m, it looks oversold to me. At end of December they had cash/cash equivalents of $758m and have since announced a collaboration with Sanofi with $100m upfront cash payment and potentially worth $5.2bn.
I can see Exai bouncing sharply when sentiment changes and with some of Fipps other investment projects reaching important inflection points, this looks too cheap at 70p.

I too would be interested to hear daltry explain his “creative accounting “ comment.
I certainly don’t get how he links a CFO resigning in January 2021 with an SP fall off the back of results in April 2022.
After the sudden rise from 120p to 180p, a pullback was inevitable and although I’m no chartist, I was fully expecting a drop to 150p before resuming upward momentum.

The SP was less than 120p when Panmure were appointed a new joint broker and Nomad only 3 weeks ago. With the S.Times then tipping them days later and the SP now circa 50% higher, I suspect a broker note/rating has already been issued.
I also note that the post from Beekeeper, in which he suggested the new broker appointment was bad news, hasn’t aged well!!

Now that they can demonstrate the ability to meet production demands, hopefully we will see some of the promised juicy contracts being signed and announced.