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I the contrary it did not 'spectacularly' fail. It missed its end point yes, but the inferences were that the safety profile allowed for a much increased dose thereby lowering the bar significantly for positive responses in this coming trial. In view of that a dose escalated response with two intermediary and one final end point is the preferred method to show efficacy rapidly when compared to alternatives. The team chosen to conduct this trial has been carefully chosen and recruitment and protocols should follow shortly. Immupharma is not a one-trick pony and it is supported and funded in this trial by Avion. Avion, incidentally, is a subsidiary of the serial acquirer Alora LLC which also adds a degree of spice to the mix.

Looking at the current shareprice/MCap and the near term triggers capable of increasing that, I doubt any short-term fund raising will be required given the status of both projects. Release of Ph3 protocols should highlight and promote interest. The pertinent points here are previously proven safety, this trial involves significantly higher dosing increasing the probability of statistically significant results and, most important, there are two intermediate status reports before the end-point results. In the other trials Orano has to decide before March to either pay another upfront amount drop the trial or possibly make a bid for Immupharma. The runway without any further funding looks weighted towards it not being necessary. My own view, for what it's worth, is that newsflow will increase MCap and funding will flow as a direct result of multiple factors already discussed in previous posts of mine.

Several near-term inflection points really make this bio share stand out from the crowd and an MCap this low is absurd. With fully funded Ph3 recruitment and protocols imminent with Avion plus the also fully funded collaboration with Orano this share should be carrying far more weight. Most listed companies at this stage of development would be trading at significant multiples of this. I can only assume that it's either under the radar or there is nil belief in either trial. Reading through the information widely available on specialist pharmaceutical websites it seems that view is at odds with professional opinion. Heyho, the potential is definitely here to excite, and in a short time frame. Unloved??

Plus the fact that Immupharma holds 10m Icanthera shares and 7m warrants @9.5p. Just adds to the intrigue.

All eyes are rightly on the Phase 3 Lupuzor trial with Avion but no attention is being payed to the 12 month collaboration agreement signed March 2023 with Orano.

Collaboration with Orano on ImmuPharma's peptide technology as a vector for cancer radiotherapy

The therapeutic goal is to use ImmuPharma's peptide technology to deliver a radioactive bullet to the nucleus of cancer cells, killing the cell with minimal impact on surrounding tissue. The radiopharmaceuticals market is expected to achieve global sales *€8.5bn by 2031. The combination of ImmuPharma's peptide technology and a powerful radioactive bullet is an exciting new approach with significant commercial potential.

As March 2024 approaches the culmination of that research approaches and a significant and unexpected cash injection could be on the horizon. Interesting.

Lupuzor™ has a clear path into an established market with attractive economics when comparing GSK’s Benlysta drug which achieved sales of over $400m in 2015, with forecasts predicting annual sales to hit $1bn by 2020. Moreover, on the basis of Lupuzor™’s Phase IIb trial data, the drug demonstrated a higher response rate and fewer side-effects to Benlysta’s Phase III trial. As such, Lupuzor™ appears to be safer and more effective and is consequently likely to see higher market uptake if approved.

The fact that the trial is fully funded by Avion and is a Phase3 trial is also reassuring.

From the mid-December RNS.

As the study continues to move forward in 2024, further details on the study's timings, protocol and key elements of the clinical trial design will be communicated at regular intervals. -

Initial details of the Ph3 should be imminent as the trial coordinator was selected a month ago and this moves forward to patient selection and recruitment. Regime protocols will also be being established and finalized. This could very quickly motor northwards on newsflow. For me the icing on the cake is the fact that safety has been shown and the significantly increased dosage regime should give very early indication of efficacy. The other significant fact is that as well as the statutory endpoint results there will be two intermediate trial assessments which could significantly shorten the time frame here.

Immupharma have 10%+ shareholding in Incanthera plus over 7m options to acquire more at 9.5p. These were previously well out of the money but worth tracking. Personally, I think Lanstead are just rebalancing their p/f and news of the Ph3 patient recruitment will follow shortly. As results from this are not solely end-point assessments the share price should track increased interest freeing more funds for IMM (the Ph3 trial is fully funded by Avion anyway). TBQH this should start to rise from the nadir as newsflow increases but the Incanthera holdings are a nice add on.

This great news from Nike should now be swiftly followed by initial commercial roll out of ReZorce. Potential customer fast track trials with global packaging company using Zotefoams test facility are scheduled for Q1. Exciting times ahead in 2024.

At least you have a share with cash assets greater than its share price here.

Trading up nicely which is great for both BELL and TMTA. The fact that TMTA has failed to rise with BELL makes the discrepancy all the greater and the 3 BELL for 4 TMTA look increasingly compelling which is why my preferred option is by the TMTA back door. Certainly looks like positive moves are going on behind the scenes with due diligence feeding the rise. With BELL at mp 26p, 3 shares are worth 78p, that means TMTA should be 20p not 15p. Buying TMTA should give a nice little initial profit with plenty more to follow. What's not to like when TMTA NAV is 17.25p cash on deposit. WIN/WIN

At the moment you can buy 10000 TMTA for £1590 and buy 7500 BELL for £1940. If the 3 for 4 deal goes through then the TMTA holders would swap their 10k for 7.5k BELL.

Not a bad exchange and TMTA is also asset backed at 17.25p cash per share.

The rising BELL price on nil trades would theoretically indicate that a deal is imminent?? As TMTA shareholders are accepting on a 3 BELL for 4 TMTA basis and BELL shares were higher at the time then this has to rise to secure the risk/reward. If due digence is indicating that this is an excellent deal then MMs are raising the price on nil trades as the deal is signaled for later in the month. Just logical speculation obviously but it does explain the anomalous upswing here as risk reward shifts. TMTA is still the best avenue for entry IMO and yet no movement there.....yet??

It seems highly likely that the delay in the TMTA takeover (ie an instant non-dilutive cash injection of c£4.5m) is dependent on TMTA doing due diligence to answer your exact concerns. Essentially Belluscura is sitting on a huge potential market and confirmation of production and gear up will cement the deal. The cash is vital. TMTA with its own NAV well above current MCap appears to be the best entry gate to BELL. It gives the potential without the risk. The only possible downside is if the deal does not proceed but that would mean that BELL would have to dilute existing holders by obtaining funding elsewhere at high interest rates. This is an interesting conundrum as the deal with TMTA looks increasingly appealing to those buying TMTA as BELL price rises. Novel.

Logic says to invest in TMTA with minute overheads and 17.15p a share cash on deposit assets as opposed to Belluscura needing cash to meet demand.

The offer of 3 Belluscura shares for 4 TMTA initially valued TMTA at 21p share which was a decent risk premium. The fall in BELL to 22p means that each TMTA is only being valued at 16.5p which is laughably less than its NAV.

I'm pretty sure that the offer doc delay is due to TMTA doing its due diligence and wanting to see concrete evidence of progress and sales. Once that has been established then the transaction should quickly follow.

Logic says to invest in TMTA with minute overheads and 17.15p a share cash on deposit assets as opposed to Belluscura needing cash to meet demand.

The offer of 3 Belluscura shares for 4 TMTA initially valued TMTA at 21p share which was a decent risk premium. The fall in BELL to 22p means that each TMTA is only being valued at 16.5p which is laughably less than its NAV.

I'm pretty sure that the offer doc delay is due to TMTA doing its due diligence and wanting to see concrete evidence of progress and sales. Once that has been established then the transaction should quickly follow.

Agree with the Nike and airline comments but font underestimate the traction and scale of ReZorce following the November award.

27 November 2023 - Zotefoams, a world leader in cellular materials technology, is pleased to announce that ReZorce® mono-material barrier packaging has been named Best Recycled Plastic Product of the Year at the 2023 Plastics Industry Awards.

This acknowledgement plus the tie-in with a global packaging manufacturer is the culmination of 3 years exhaustive research and in house trials. Zotefoams has put considerable resources into ReZorce and that should bear fruit from early 2024, escalating as early adopters see commercial roll out. This has a lot of momentum based on trials which is a precursor to uptake across the industry. It would have been pulled a year ago had commercial success not been predictable. The fact that it is directly transferable to existing packaging lines requiring no big Capex by end users is a major selling point.

Q1 2024 sees commercial roll out of totally recyclable drinks packaging with global major packaging supplier. No Capex required for user implementation but immediate green upgrade for business end user. Perfect trigger for value upgrade here.

All the exposure to the huge potential upside of Belluscura with covered risk due diligence done by directors here plus NAV of 17.25p a share cash on deposit.

So hedge your bets and still have the security of cash exceeding MCap on deposit with TMTA. They are doing the due diligence for shareholders which covers the risk and enhances the upside which ,"looks significant"