Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
See Chairman's statement, half yearly report.
The multiple ascending dose (MAD) portion of SDC-1801 is nearing completion. Sareum aims to conclude this part of the trial by the end of Q2 2024. Subject to data review, additional funding and/or potential licencing opportunities, we endeavour to be in a position to commence a Phase 2a study in psoriasis patients before the end of 2024.
According to here: last patient enrollment 7 May 24, last data collection 4 June 24
https://anzctr.org.au/Trial/Registration/TrialReview.aspx?ACTRN=12623000416695
Also a little bit sad to see this. However, on the positive side, the company is intent on keeping its £2m + cash pile for the advancement of trials / strengthening is hand in any upcoming negotiations. Short term pain for long term gain. Also, As maths Prof showed earlier, big sells are not the problem that they have been.
I meant to say, is there a requirement for SAR to issue shares to RF once they have run through their current allocation. Is all that SAR is committed to is repaying an outstanding balance (I guess around £750k) in Aug 25 - one way or another?
Given that SAR are no longer intending to draw down on the RF facility and the maturity date for the loan is Aug 25 is there any requirement for SAR to continue to issue shares between now and next August?
· If disposals and/or subscriptions at the Placing Subscription Prices have not been completed so as to fully settle the principal amount of Deposits (and any associated interest) outstanding during the term, the amounts drawn and outstanding shall be redeemed on the Maturity Date.
If you were short of cash, were potentially in a position to make the biggest deal of your life and had an interest free loan not due for repayment for over a year would you repay the loan now?
A smaller shareholder, also prepared to directly invest several thousand. Wonder about the possibility of licensing after P1A with bio marker analysis.
Thanks for the feedback, very interesting to get your viewpoints.
How much of RF's initial 2 million loan do people think has been repaid by the sale of shares to date? Assuming that they have all gone as SOG suggests, I reckon no more than £1.7m - since the shares have been selling between 80p to 90p for the most part of the RF trading period. That leads to another set of shares being due to them at around about 72p each (assuming a discount of 10% to the VWAP of c.80p of recent times as per the RNS). That equates to around 400k shares.
This reply to Trading4good is inaccurate. In a falling market the amount deemed to be redeemed from the loan is 10% discount to the lowest 4 days VWAP from the last 15 trading days. This firstly allows for Riverfort's most successful strategy being to sell high in the 15 day period (and only having to give credit to Sareum for the poor trading days in the 15 day period). It also allows Riverfort to lose money. If they dump shares below the 10% discount on the (worst) 4 day vwap, then they get insufficient shares to recoup their investment. Am sure somebody has already pointed this out... the important point being that RF's best strategy is not to totally trash the share price.
Just reminding of the most educational post of the last couple of days:
trading4good: 3 Aug 2023 07:50
"Actually this is nothing like standard death finance. No real discount to price on the initial loan and vwap paid on future drawdowns
This isn't standard Riverfort stuff at all.
Not good news but not terrible either"
So SAR remain unloved (or unheard of) by the City - and had to look elsewhere. Not brand new information. At least they are funded and can progress the trials - which is the overriding objective after all, and a major concern dealt with. Its possible that there will be more dilution than some would like. Perhaps not.
In other news RR now around 200p, whilst the same City valued them at 66p less than a year ago. THEY are not always right either!
PS Think the very emotive "death spiral" is absolutely irrelevant to SAR's current position.
Https://www.mja.com.au/journal/2023/218/5/more-and-better-clinical-trials-health-care-focusing-people-not-just-systems-and
Thanks for your summary of the findings of the report Warthog, which I have not read. When SAR announced trials in Oz I had a quick shufty and found this very recent document on trial expectations. It suggests a relatively low public engagement with CTAs currently Down Under.
Having said that I doubt that there will be any problem filling 1A trials at least, but just my (non-expert) opinion.
HBD, just to come back on the new website-as-forecast-of-imminent-success theory. At the beginning of last year (early Feb 22) SNG moved onto a stylish new website, with Ph 3 trial results looming. 3 weeks later the share price fell 90% in 1 morning as the results came through. Like many, i lost a packet! My heart sank this week when SAR's new website appeared...V.happy its a different story this time around!
Well played the BoD!
Thanks Potnak, that is very helpful.
Hi Potnak,
The Biohaven acquisition is for a product at the same stage of development as SDC1801, there or thereabouts - ie Just pre-trials. They paid £800million including £10m upfront at this stage. Are you suggesting 1801 is of similar worth now, or in your opinion does it need to successfully travel further down the CT road to get a deal of similar value?
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9290722/#:~:text=Psoriasis%20is%20a%20chronic%2C%20immune,and%200.45%25%20in%20South%20Korea.
Against the slight negativity of the last post there does appear to be a relatively large psoriasis population in Oz.
https://www.mja.com.au/journal/2023/218/5/more-and-better-clinical-trials-health-care-focusing-people-not-just-systems-and
...and a timely reminder of the risk of CTs Down Under.
https://www.austrade.gov.au/news/insights/insight-australia-a-go-to-destination-for-clinical-trials
Largely an advert from the Aus Gov't but something to think about whilst waiting around. TIme between regulatory approval to first patient dosing looks positive.
That article suggests that should you even get to the clinic in the UK you are likely to still face serious hold ups. Really hope that SAR are looking very actively elsewhere.
Thanks to attendees at the AGM today & people who posted online. Some good questions led to as illuminating as possible answers. Very much appreciated.
FOr my money a good performance from the Board, demonstrating continued confidence in the pipeline whilst not papering over risks, particularly MHRA. Overseas activity presented as sensisble mitigation.