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Hit send by accident. Meant for interims not to expect too much as only takes you up to Dec 24 and likely samples only to that point. Second half year to Jun 25 likely different story

With you all the way on those figures bel. Just mentioned not to expect too much as mainly samples only for the in

Half year results due March

We have already been told that the reason for the "wall of silence" is to prevent competitors from filing spoiling patents before Croda's own patent(s) can be filed and published; as yet I have not seen a Croda patent related to the skinbiotix lysate and hence the continued silence so talk of trying to suppress SBTX sp for a cheeky bid is misplaced.

It is perhaps worth looking retrospectively at the Matrixyl launch which also took place on the back of a 6 month clinical study by Sederma and wait for the impact when the results of the skinbiotix clinical study are presented at In-Cosmetics 2025 and subsequently reported on by the Cosmetic media outlets and Croda's own marketing material.

"The company Sederma, having meanwhile acquired a certain experience with peptides for cosmetic use, takes hold of this idea: faithful to previous observations (cf. Part 1 ), researchers attach a palmitoyl chain to this pentapeptide and decide to go further than usual to combat skin aging: wrinkles ("scars of the passage of time", according to Odes d'Horace) appear only after 30 years or more, they can only be repaired permanently by giving the skin healing time: a clinical test over 6 months (a"First" in the trade of active ingredients) against placebo out of 35 people is undertaken. The results of the anti-wrinkle efficacy exceed all expectations, both from a statistical significance point of view and from a visual point of view (macrophotography).

Other studies ( in vitro to support the mechanisms of action at the genetic and protein level, in vivo on several panels with biopsies, in comparison with reference substances) confirm the first results. A presentation of this work at the World Dermatological Congress in Paris in 2000 launched the range of Matrikines peptides, of which the MATRIXYL® family is the best known."

https://cosmeticobs.com/en/articles/ingredients-50/encore-des-peptidesnbsp-quel-interetnbsp-2494

In the meantime, only sample size material has been supplied to Croda's Customers so do not expect substantial revenue figures until post the launch " Pilot-scale manufacturing at 600 litre scale is currently in progress and will generate the final product into samples which will be shared with a few key customers prior to launch. Full-scale production is scheduled for 2025."

https://www.lse.co.uk/rns/SBTX/final-testing-of-skinbiotix-by-croda-completed-3qrmvjrunp6luo3.html

Claims that defects in Funding Circle’s documentation and processes have left a firm owned by the hedge fund Elliott Management unable to pursue small business owners over personal guarantees are to be heard by the High Court.

https://www.thetimes.com/business-money/companies/article/court-to-rule-if-firm-owned-by-elliott-hedge-fund-can-pursue-debts-slcp99psc

Agree date has been firmed up but what I would say regarding the penultimate para "At the same time, with the gold price firming, the potential net present value (NPV) of Tulu Kapi per KEFI share on issue now stands at 15 pence per share at the current gold price of US$2,800/oz.", now that all news has been released what is stopping Harry and the whole Board putting their hands in their pockets and making substantial share purchases today following this update?

True, expect the windfall to be nearer £35M but that is approx to Kefi's current Market Cap valuing Tulu Kapi at nothing so still plenty of upside from here

Yes dvharrison, a whole £53k worth of stock sold yesterday in a £37.5M Company, so let's all panic eh!

Don't agree with you at all shycap regarding any sort of fundraise in the next few months any expansion plans involving the lysate are likely to take place once the Croda sales have established skinbiotix as a key ingredient (by which time royalties are likely to be considerable) whilst short term focus will be on axis sales via a partner and maybe bringing the dermatonics range production in-house by sweating the assets at Bio-Tech with extra shifts.

Regarding Dermatonics expanding operations, this is already happening with the geographical spread through Asia and USA. Whilst the former via Umesh Modi appears fairly low key in terms of on-line presence (Amazon India sales of a single Manuka Honey over the counter product show just 50+ sold in last month), it is worth considering that 2/3rds of medical sales in India are via prescription (i.e. sales of the Once Heel Balm containing 25% Urea likely to fall into this category) and Manprit was invited to an awards presentation by Umesh Modi to their top sales reps, so unlikely this is for sales of just a few thousand.

Hopad, key upgrade was the upper end of guidance range £55M - £60M to be achieved and the big increase in margins to 78%-80% and that despite the political unrest in S Korea things appear to be on track.

None-the-less, a mere restatement of the Sep figures should see a return to 250p+ price range which was after all the markets original response, the fact that the market hasn't responded accordingly is more to do with the overhang from the II sell off which should correct once cleared

Hi geri, not a shareholder here so did not stay for the AGM but live locally so attended the open day with an engineer friend of mine who wanted to see the kit. The MDA System was demonstrated and is an impressive piece of software that can be configured in many different ways to screen in or out as much data as required by the Customer and present it in many different formats. The Company has built up long term relationships with many Customers leading to repeat upgrade orders and long term in service support contracts which is likely to increase as the Customer base expands. The USA is one target growth area for SRT for their hardware which currently accounts for less than 12% or so of sales; I suspect that a manufacturing partner would need to be sought in the States to take advantage of Trump's promised tax breaks and to get around the threatened tariffs. The homemade cakes were very tasty, had the Courgette cake so kidded myself I was having one of my five a day.

Probably the only person technically qualified to draft it

New patent published today by SOH on US Patent database US-20250025522-A1; search for optibiotix even though it concerns lpldl, and it will pop up.

" As a result, KEFI has set a deadline of 28 February 2025 for the submission of proposals with indicative terms." nicely timed to coincide with the Financial sign off by the Banks, great when a plan comes together

Dr Morepen marketing looks to be really on the ball.

https://lightlife360.in/

Whilst the sale of the reduced 15% interest in the Hawiah asset is the preferred route, it is only one of a number of planning scenarios which no doubt include further dilution in lieu of paying for future development work on Hawaih, so it makes perfect sense to continue to potentially increase the value of that asset to help offset potential further dilution if a sale fails to materialise and until such time as the sp rises following Tulu Kapi progression.

"A strategic review is being conducted by the two partners of GMCO, KEFI and its majority partner, Abdulrahman Saad AlRashid & Sons ("ARTAR"). Initial conclusions include that KEFI forego its right to contribute US$10 million and maintain its 25% GMCO shareholding and, instead, accept dilution to 15% of GMCO. That is now being implemented formally.

In addition, the ongoing business planning scenarios currently being evaluated include the potential sale of KEFI's residual 15% shareholding, the potential proceeds of which would be receivable by KEFI."

Everyone entitled to their opinion baz and all welcome. Until the wraps are taken off the publicity surrounding the launch at the prestigious In-Cosmetics event there will undoubtably be negative views every time the sp falls back so in the interim consider tillerman's uninformed opinion that " if the lysate is just viewed as a useful ingredient rather than a stand alone blockbuster you can cut all those best of best case forecasts by 90%+, secrecy allows shareholders to indulge in wish fulfilment fantasies on a grand scale. Best case on a hyper ramped AIM stock almost never eventuates, especially where the management has form" and then contrast it with the informed RNS view;

Firstly from a current senior Croda Group employee pre clinical trial "Dr Damian Kelly, Vice President Innovation & Technology Development at Croda Europe Ltd, responsible for the project previously said:

"This [SkinBiotix? programme] continues to be a fascinating project that is heading towards commercialisation and will break new scientific ground in the use of lysated bacteria in the cosmetic industry as a skin care active ingredient. We have recently observed some additional unexpected technical benefits during our projected scale-up activities which, if shown to be efficacious through further in-vitro and in-vivo clinical trials, would then offer significant supplementary applications and greater product valorisation as a skin care cosmetic active. We are excited by the findings we have seen thus far and look forward to a long and prosperous relationship with SkinBioTherapeutics."

"This exciting project continues to move forward along the roadmap to commercialisation, offering a totally unique ingredient as a skin active for the cosmetic industry. In-vitro and ex-vivo studies are complete, and clinical (in-vivo) trials are planned to conclude in early 2024. Four pilot-scale semi-industrial fermentation batches, including down-stream processing, have been completed, and commercial-scale batches are planned for 2024 at Croda's UK facility. Premium quality formulations have also been developed. We remain excited about this innovative product"

& then post the trial from the ex Croda employee

"Dr Surinder Chahal, Cosmetic Science / Customer Alliances Advisor to SkinBioTherapeutics (formerly VP Customer Alliances Technology Development at Croda), added:

"One of the reasons I joined SkinBioTherapeutics from Croda was that I saw the benefits of the SkinBiotix technology and its potential impact on the skin healthcare sector. From the feedback we received from the Croda team, I am delighted that my predictions are correct. Obviously, the metrics and specifics from the study won't be released publicly since this is highly commercially sensitive information that belongs to Croda. However, from the conclusions drawn, we are pleased about how the technology performed and confident about next steps"

Then make your own mind up who's view you believe

Any money come in yet? Yes, technically now that the Ethiopian Govt has seen fit to commit funds to build the Access Road

TW is very good at calling out frauds but has a patchy record when it comes to buy/sell recommendations. For example, it was a year ago that he let his emotions rule his head when he fell out with Stuart Ashman at SBTX and told followers to sell SBTX at 14.5p and buy Opti at 28p; he has subsequently re-thought that sell recommendation and advised people to buy at the 17p - 18p point.

SOH has consistently been over optimistic regarding Opti sales, 2024 was to have seen multiple sweetbiotix launches and each Business unit to be operating profitably; none were for more than a month or so. The recent SOH health scare flagged up business continuity issues with only the persistence of TW forcing the Company to notify the market there was an issue with the CEO; major contract discussions also came to a halt in his absence.

That said, agree that Opti shares are now cheap; Dr Morepen really does look the real deal and marks a turning point in first generation sales; there has never been an issue with the quality and science (i have been a customer for H&B slimexpert porridge for over 3 years now0 just the lack of partners with the right marketing strategy and budget to promote it.

Finally, my guess is that the sweetbiotix delay has been more to do with the US Partner not religiously following the lab based method on scale-up resulting in some structural concerns that struggle to gain FDA "non digestible fibre" status rather than just another added sugar classification, and we have had to wait for the DSM/Firmenich partner to complete optimised scale-up more closely following the lab based procedure, which is currently subject to application testing and I suspect really will be launching shortly.

Now that would be nice