Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
Connection...they are investors in Elliots other company...'Gilde Healthcare
https://gildehealthcare.com
Gilde Healthcare is a specialized healthcare investor managing over €2.6 billion across two fund strategies: Venture&Growth and Private Equity. The Venture&Growth fund of Gilde Healthcare invests in fast growing companies active in digital health, medtech and therapeutics, based in Europe and North America. The Private Equity fund of Gilde Healthcare participates in profitable lower mid-market healthcare companies based in North-Western Europe.'
'Under Article 19(11) of the UK Market Abuse Regulation (UK MAR), the period of 30 calendar days before the announcement of an interim financial report or a year-end report that an issuer is obliged to make public according to the rules of the trading venue where the issuer's shares are admitted to trading or the law of the United Kingdom, during which a person discharging managerial responsibilities of an issuer is prohibited from conducting any transactions on its own account or for the account of a third party, directly or indirectly, relating to the shares or debt instruments of the issuer or to derivatives or other financial instruments linked to them.
Note that the announcement of preliminary financial results agreed by the management body of the issuer constitutes the announcement marking the end date of the closed period where those preliminary financial results contain all the key information relating to the financial figures expected to be included in the year-end report'
I'll ask again. Is it a 40 day black out, if so where are the details..?
There is a Closed Period rule but that is basically about Directors/Insiders trading prior to results. Some companies extend this to a total news blackout.
From last year prior to the T/O of Point by Lilly...manufacturing collaboration on Lilly campus was set up well prior to the T/O announcement.
'Over the past few years, we have seen how well-designed radiopharmaceuticals can demonstrate meaningful results for patients with cancer and rapidly integrate into standards of care, yet the field remains in the early days of the impact it may ultimately deliver,” said Jacob Van Naarden, head of Lilly’s oncology unit Loxo@Lilly.
He added that the pharma group “sees the acquisition of POINT as the beginning of our investment in developing multiple meaningful radioligand medicines for hard-to-treat cancers, as we have done in small molecule and biologic oncology drug discovery and development.”
POINT’s earlier-stage pipeline includes PNT2004, a “pan-cancer” therapy targeting fibroblast activation protein-α (FAP-α) in phase 1.
After launching in 2020, POINT has already set up a fully licensed 180,000-square-foot radiopharmaceutical manufacturing facility on Lilly’s campus in Indianapolis, clearing one of the key obstacles to entering the radiopharma category, and also operates an R&D unit in Toronto, Canada.
Analysts have suggested that the market for radionuclide-based cancer therapeutics could top $10 billion a year, with limited competition in the market, as the hurdles to enter the category are set fairly high.'
BV...you're forgetting the long terms contacts the likes of CC have and our Partners. Pharma is like any other big industry/business. Contacts are key to breaking the herd mentality. They all jump in on what they think is going to be the next big 'must have'. Avacta and their current partners have to now work those contacts and convince one or more Pharma (not necessarily biggies) to take up one or more of the PreCision pipeline products. They can only do this with data and FDA approval but the contacts can now be warmed up. PreCision right now is a leap of faith for most companies but that will change as they have access to the hard data.
If you look at the stories behind successful ground breaking innovative products/businesses, they too hit brick walls.
ARM was just such a company and when they finally broke through the wall they were still able to build a very successful business on their own and it was some years before they sold out. Their business model was based on a Licenced out Platform.
Shorters or sellers market right now with the prospect of new shares incoming next week and easy pickings if PI's have stop losses in place...
If Avacta really wanted to help their real 'investors' they would cover this qrtly with cash...they have plenty and it would send a clear message to the market traders.
FDA approval...2W data combined with ongoing data collected from 3W patients still being dosed (which may be admisable) should help to speed things up.
As there's othing more we can say or do about the trials right now apart from sit and wait for news, we do have the Prelims coming up next week hopefully with the lifting of any news blackout/closed period which may come with more insights for us to bicker over for a few more days/weeks.
Now who are the European chappies...goodies or badies...what are they really bringing to the table...out or nowt???
DX...bottom position on Avacta website/very much pushed into the background...why? Will we get some answers next week.
Sentiment...yes...the markets are not convinced yet...they like to see profits or the sniff of same.
So far we are only in P1 trials...not quite good enough for the markets...they want to see FDA approval.
DX...too much background debt right now...they want to see more upswing in income v debt and like many PI's the true synergy has not really been explained/realised. New products containing affimers flying off the shelves might just do the trick.
Hey ho...not long to go...
Icecool...'FDA approved oncology drugs are worth a fortune, many multiples of our current mkt cap alone. Exciting summer ahead imo.'...
Yep and June/July is where the starting line will be drawn...
In the meantime we have Prelims to look forward to...last year was 25 April...so next week we should have at least two RNS's ...Prelims and Qrtly issue of Equity/Cash...go on Avacta put the cat amonsgt them and splash the cash this time...
Now was AS talking about the Closed Period when he said he couldn't discuss non-AVA6000 matters or was he referring to a News blackout connected to the REX offering...either way, there could be some more sweetners to come within the Prelims notes...
Does " don't worry about funding" seem like a true statement.
It is now...however, there are still questions about the DX website section now being just a footer entry heading on the Avacta website.
We do need the final jigsaw pieces spelling out once closed period is over...
There is also the Derivative element whcih was showing as a credit at last valuation. It will be interesting to see how this pans out in the upcoming financials.
'The bond agreement contains embedded derivatives in conjunction with an ordinary host debt liability. As a result, the convertible bonds are shown in the Consolidated Statement of Financial Position in two separate components, being 'Convertible bond - debt' and 'Convertible bond - derivative'. The derivative element has been measured at fair value using a Monte-Carlo option pricing model, which estimates the fair value based on the probability-weighted present value of expected future investment returns, considering each of the possible outcomes available to the bondholders.
The derivative element, taking into account the amortisations and early redemption, was revalued as at 30 June 2023 at £28.90 million (30 June 2022: £nil; 31 December 2022: £39.10 million), which has resulted in a credit within the period of £5.86 million.
The debt element of the bond has reduced from £18.73 million at 31 December 2022 to £15.68 million at 30 June 2023 (30 June 2022: £nil), with an associated non-cash interest expense of £6.85 million.'
cje306...at this point I really don't know...just need to see the next payment amount/shares to see what the conversion price has been recalculated at. Like you I don't think the consequences of the Bond are as bad as some may think and the upcoming financials should give us a better idea of company cash burn, DX income v loss status etc etc...
This year is going to be really interesting within the EU with the upcoming elections and of coure UK elections.
Gje306...we also have the ability to pay in cash not shares and DX might, if profits exceed expectations, be in a position to cough up the readies...
There is also the possibility of an upfront deal and/or milestone payments coming into TX before your 2 years are up which again could generate the cash for the bond payments.
The amount of cash Avacta now has there's also the bit of interest earned in intitally which will help cashflow too...every bit helps eh!
My calculations are:
As a result of the Offer Price being less than 95 per cent. of the VWAP in the five-day trading period prior to the announcement of the Placing, the Direct Subscription and the REX Offer, the conversion price (118.75 pence) and the reset floor price (95 pence) will be recalculated by the calculation agent using an adjustment factor calculation as follows:
1. the adjustment factor will be (A+B)/(A+C), where:
1. A = number of Shares in issue immediately before the date of first public announcement of the terms (the "Pricing Date") of the Bookbuild; ......... 288,215,722
2. B = aggregate gross proceeds of the Bookbuild divided by the Current Market Price ("CMP") on the Pricing Date of the Bookbuild, where CMP on the Pricing Date = arithmetic average of the five daily VWAPs immediately preceding the Pricing Date; and .............37,971,582 based on 0.8764 average
3. C = number of Shares comprised in the Bookbuild.........62,296,557
Gje306...what conversion price did you come up with for the recalculation as detailed in the Placing RNS? I get 0.93 but not sure that's correct...
As a result of the Offer Price being less than 95 per cent. of the VWAP in the five-day trading period prior to the announcement of the Placing, the Direct Subscription and the REX Offer, the conversion price (118.75 pence) and the reset floor price (95 pence) will be recalculated by the calculation agent using an adjustment factor calculation as follows:
1. the adjustment factor will be (A+B)/(A+C), where:
1. A = number of Shares in issue immediately before the date of first public announcement of the terms (the "Pricing Date") of the Bookbuild;
2. B = aggregate gross proceeds of the Bookbuild divided by the Current Market Price ("CMP") on the Pricing Date of the Bookbuild, where CMP on the Pricing Date = arithmetic average of the five daily VWAPs immediately preceding the Pricing Date; and
3. C = number of Shares comprised in the Bookbuild.
The principal remaining under the Bonds was reduced by a further £2.55 million to £38.25 million on 22 January 2024 following the fifth quarterly amortisation.