Member Info for AquaeSulis01

Net the lysate is the only active ingredient in zenakine with the other ingredients providing solubility and stability etc. The double digit % will have been agreed to factor in the cost to Croda of supplying these other ingredients when set, but as others have pointed out, as we don't know the % it is irrelevant

Very sensible post belgrano. Notice the pre-submitted questions that were answered at the IM have now been listed with the verbal response. Worth listening to the response to Q7 "How likely is it that Croda will announce new ingredients based on our lysate - and how soon could this happen?" where the response was already partnered with ingredients in 600 products where zenakine does the job that you would require 4 or 5 other separate ingredients to do. So this is happening, it will be big, and whilst we await the first formal launch of an end Customer product containing Zenakine, the race is on between Suppliers and revenues are flowing in to Croda and SBTX; roll on EOY FY and the forecasts

"Sbtx was at 17p when the Croda deal was signed in 2019" true Toyin but then there were only 128,083,494 shares in issue, now the shares in issue are nearly double at 243,074,627 so the sp performance not quite as poor as the simplistic view painted

I believe the sale of the SA assets will happen, Harry just wants to complete it without the time pressure of doing a deal to get the Tulu financing over the line. This he has achieved and he can now negotiate from a position of strength

Bonkers the Saudi Sale was originally required to complete the equity mix. If you look at the Corporate Finance Slide presented in Jan 25 "Project Financing almost Complete:

▪ Banks debt package increased to $240M of total $320M package

▪ Equity risk capital $80M mainly from Equity Risk Note and Shares in Subs"

This same slide was updated in Feb 25 to

"Project Financing almost Complete:

▪ Terms agreed for Banks debt package increase to $240M of total $320M package

▪ Equity risk capital $100M from issue of Shares and EthioBonds from Subsidiaries plus

proceeds of sale of minority shareholding on GMCO"

So the $20M (difference between the non-banking finance of $80M in Jan to $100M in Feb) was to be sourced from the Saudi Asset sale and this has now been replaced by $23M from BCM Equity Risk Notes meaning the equity mix is now there and the detailed costs are thereabouts following the removal of the last equity mix dependency

Absolutely Tillerman., best thing to do is re-read the technical slides where with the help of restorative sleep you will feel less drowsy. Also, worth noting that there are different formulations for night and day cream

"Good sleep quality = duration (length) + continuity

(seamless) + deep (restorative)

Sleep tracking measurements show an improvement

in sleep duration and quality which stabilise upon

application of the product.

The volunteers surveyed also felt less drowsy in the

daytime and recharged upon waking.

Zenakine promotes restorative sleep after only

2 weeks of use"

Netcurtains, try asking your AI tool about the circadium rhythm which Zenakine works in synch with and that should clarify things for you

WIIILG, the article sets the boundary for Zenakine as being cosmetic, so skincare within that scope "Our formulation laboratory designed a kit of inspiring formulas to support cosmetic brands in their product development. This includes a harmonising beauty mist, an adaptive relaxing face serum and a timeless sleeping mask."

Applications

Eye contour care

Face / neck skin care

Scalp treatments

https://www.crodabeauty.com/en-gb/products/product/5852-zenakine

Scalp treatments for bald people then :)

27% of Croda sales are in the US where all sunscreen is classed as a "drug"

Appointing a Chief Operating Officer with Simon's experience alongside a new head of Finance is certainly not a cost cutting exercise more the opposite

Perhaps it did net although unlikely as the process had been established during the 600 litre scale-up but let's humour you and say it did take a further year which would take us to March 2024, so good to go for the last year then!

28th March 2023 RNS Half Year Report

"Sederma has successfully scaled-up manufacture to 600 litres and is testing the scale-up to 20,000 litres in a custom built vessel in Widnes. The project with Sederma continues to progress with further potential claims as previously communicated. Sederma is exploring in-human studies to further validate this additional activity and potential additional claims. It should be noted that the Company is subject to strict confidentiality agreements with Croda and as such is limited in what information it can publish."

Netcurtains, the equipment for scale-up to 20000 litres was good to go 1 year ago, the decision and nature of the clinical studies to prove up the additional benefits associated with neurocosmetics would have been discussed with the VIP's and Croda would have taken the view that it was worth delaying the launch so that a higher price point for zenakine could be charged, which would not have been taken lightly as the opportunity costs factoring in not only lost revenue from the delay, but market opportunity cost losing ground to competitors, risking first-mover advantage, brand and marketing positioning delays, impact on stakeholders and Investors, long-term growth delays and of course there was always the risk that clinical studies may not deliver the expected results.

Net GIGO (Garbage In Garbage Out) springs to mind when asking questions of AI. Why don't you try asking the question what are the opportunity costs of holding clinical studies that delay a launch worth an estimated £20M in year 1 by a year to get somewhere near the true cost to Croda?

Shychap, I would not get too hung up on the numbers of participants. I have just re-watched the last interview SA did with TW at the time the contract announcement was announced to carry out the studies. In it SA made the point that Croda would have consulted their 12 VIP clients who account for 80% of Croda's skincare market by value, and have had samples of the lysate since Mar 2022, and would not have spent £500k on the studies unless they were confident of receiving large orders on successfully proving up the additional benefits found on scale-up.

Reviewing the technical slides that reported on the Clinical Study outcomes, plenty there to support the Wound Healing properties of the lysate in advance of a Partner Sign-up and subsequent Clinical Trials

From our slides "Zenakine tremendously increases

melatonin production in both fibroblasts

and keratinocytes."

"Zenakine promotes NAD+/NADH

mitochondrial ratio and boosts energy

production in keratinocytes, necessary for

cell renewal and metabolism"

Looking at the importance of keratinocytes and fibroblasts in wound Healing "Illustrations show molecular and cellular mechanisms pivotal for progression of wound healing. Early stages of wound healing include hemostasis and activation of keratinocytes and inflammatory cells. The intermediate stage involves proliferation and migration of keratinocytes, proliferation of fibroblasts, matrix deposition, and angiogenesis. Late-stage healing involves remodeling of ECM, resulting in scar formation and restoration of barrier. This spatiotemporal process is tightly controlled by multiple cell types that secrete numerous growth factors, cytokines, and chemokines (listed below) to achieve closure and functional restoration of the barrier."

https://pmc.ncbi.nlm.nih.gov/articles/PMC4973620/

Clio, I suspect it boils down to the fact that Net is confusing Trials with Studies; Croda have been carrying out Clinical Studies which require fewer people "The participants in clinical trials and clinical studies differ as well. Clinical trials typically require a large number of participants, segmented by eligibility criteria such as age, health status, and medical history.

Clinical studies, however, often involve fewer participants based on the characteristics of studies. Like case studies, clinical studies may focus on detailed descriptions of just one or a few patients, compared to larger groups."

https://flucamp.com/clinical-trials-vs-clinical-studies-4-main-differences/

Zenakine

It is a step forward for Boots but does not lead to restorative sleep so an inferior product but does demonstrate the huge potential of Zenadine for the Premium end of the market

"So far, I’m impressed with how well it’s working. As a born worrier, my sleep is notoriously patchy and I’m frequently awake at the exact hours when my skin genes are hitting the peak repair zone. This isn't ideal, but at least I can comfort myself with the thought that using this serum is compensating to some extent for my restless duvet rustling. (Obviously, wearing it and being asleep at 2am would be better – but it’s a work in progress.)"

https://www.goodhousekeeping.com/uk/beauty/skincare/a64431077/no7-future-renew-damage-reversal-night-serum-review/