Member Info for Benhowell459

Tim is presenting in an hour and a half in Stockholm. Hopefully he is careful eating his Swedish meatball lunch and doesn't get any tomato sauce down his nice new tie.

Fingers crossed everything goes well, there is an engaged and enthusiastic audience and he has support in the wings (SP etc.) to facilitate 1-1s with a wide range of interested parties. Just because one pharma has said they won't out their money where there mouth is until 6 months time after long term tox studies, doesn't mean others won't now.

We already know that in pre clinical a maximum dose could not be established. Bring on the auction, reserve price 1 billion of your finest pound sterling. Lovely jubbly. Good luck Tim!

Quick question on this statement:

We anticipate that the results of this work will be available in 4-5 weeks where we expect to demonstrate the value of Boland in the form of a saleable product.

"Demonstrate the value" probably being the key phrase here. Are we hoping to attract offers for the resource? Any ideas how much the resource could be worth? 100m? 200m?

We're surely not going to produce the REE ourselves as an Explorer?

Hopkirk, interesting trawl.

I would love to know how much we've been offered for partnering up over the past 10 years, from pre clinical to in phase one to the present day, post phase 1.

Possibly single digit million up front ten years ago. Presumably much higher has been offered already. I would hazard a guess that Tim, John and Stephen still see on-licencing as risky. Ultimately, we'd need to see 1801 have efficacy for Psoriasis or another indication before we could claim our financial reward.

Milestones (and related financial payments) are not guaranteed in phase 2. A buy out is the much safer option to guarantee financial reward for their hard work. It would also be much quicker. No waiting around for the licencee to decide what to do. Possible shelving etc.

Hopefully we have learnt from Sierra fiasco and avoiding losing control of 1801 unless someone offers a pretty penny.

Imagine how much progress we could make it we had a five day CEO, as opposed to a one day a week Colin Bird.

Colin would argue he outsources all of the work anyway, so no extra work would get done - explicitly admitting that he doesn't earn his 125k salary.

If we were to bring in a CEO, you can bet your bottom dollar Colin would move sideways but keep his current salary.

The priority here is getting a move on. Get the drill bit in the ground. It's a shame we don't put more pressure on at the AGM with a motion. Even if it's not passed, it would signal to Colin we're not satisfied..

What's the hurry?

Colin is 81. The smart money would be on his health deteriorating at some point in the next 3-5 years.

I also would like to see a return of at least 10% at some point. I've been here 7 years (not posting for all that). Being a shareholder of XTR has been stressful and (up til now) not very fruitful!

I'd like Colin to get a move on for the above reasons!

Https://www.fiercebiotech.com/biotech/innovent-awaiting-chinese-regulators-verdict-posts-another-psoriasis-win

Psoriasis drug met its primary endpoints in phase 2.

https://www.fiercebiotech.com/biotech/gsk-aims-extend-lupus-dominance-300m-upfront-deal-clinical-stage-t-cell-engager

GSK pays 300m USD for phase 1 lupus candidate, plus 550m in milestones. This could rival AbbVie's Jak inhibitor Rinvok and the infamous Sotyktu, mentioned today, from BMS.

Zap, thanks for reply. My worry - already mentioned by some on here - is that Manica's gold payments are paying a more than fair chunk of the Geo's wages/research/work.

We may get some learning from GLR drilling but not much credit, despite paying lots into the pot? Ultimately it is what is on OUR licence that counts. Otherwise we may as well be high fiving GLR for their fabulous buy out. We have money coming in. Put the drill in the ground...ON OUR LICENCE. It's not hard.

Bailiff, we had news only yesterday of AbbVie buying out a phase 1 drug for 1.4bn USD. Phase 1 drugs and their companies are being bought. Novartis bought Baiyu for 70m USD and 1.1bn USD in milestones 2 weeks ago. Baiyu has only reached phase 1.

Boston-based Aliada is in the early days of trying to validate that hypothesis in humans, having started a phase 1 trial in healthy volunteers in May. But AbbVie has already seen enough to place a $1.4 billion valuation on ALIA-1758 and the delivery platform that spawned the program.

Howezap. They may be good exploration bets, but Colin actually had to do some exploring..

I could have done more from my flat in London in the year since we acquired the Zambian licences. The gravy train sure does move slowly...

There is lots positive about the science. Seemingly great markers in the blood 17-20 hours later. Low impact. Surely there is interest? If not, we're not putting it out there well enough.

The bit about interested parties is much further down in the outlook section:

We look forward to presenting this data at upcoming partnering and scientific conferences, including discussing the data with potential licensing and commercialisation partners.

The bit about shareholder value is in the second last paragraph:

The Company maintains a clear focus on advancing these potential medicines to patients as efficiently as possible while maximizing value for shareholders.

So, mid-2025 for results of a 4-month study in two animals. I want to know who is driving this? Has this been requested by a potential partner? Why the pivot? Why was this not communicated previously?

Also, Re 1802, I note that after the never ending translational studies (most frustrating phrase ever), they still then need to do toxicology and manufacturing studies. It will never get to clinic with us...

Almost took the words out of my mouth Aber.

Aliada started a phase 1 in May. Bought out by October for 1.4bn USD.

Not the only phase 1 candidate to be bought out in recent weeks.

Phase 1 can trigger a buy out over 1bn GBP. What is stopping us from getting there? Unfancied indication? Have we been progressing so slowly, we have in effect been left behind by competition and our "novel" methods are no longer attractive?

Or does 737 just cloud the whole situation...

Thanks for analysis SOG. Much appreciated, as always.

What happens when the next big pharma comes along and says we'll offer you double if you can prove efficacy. Great that you have ruled out long term black box warnings on toxicity etc. but we'd really like to know if this thing actually works. Head scratcher for Tim and John. Pain in the backside for us, perhaps.

Anyway, enough debate for one day. Enjoy the weekend!

Basil, that's an interesting post and actually one that caused me to go back in the RNS archives.

Sareum has come a long way since 2005. I note that during July 2005 and October 2006 (15 months), there were 16 (vidiprinter style: SIXTEEN!) RNSs with references to deals or collaborations. Tim was signing collabs for fun back then it seemed.

This shows a) there was (I assume it remains still) interest in our work and b) they are capable of doing deals (much smaller fry back then of course)

Which leads to the following question. Why, 18 years (not going to spell it out again) down the line has a significant deal not materialised? There has LONG been interest in collaboration and presumably informal offers received on many occasions. I would suggest the shenanigans with Sierra and 737 substantially knocked Tim et al's confidence. Are they afraid of being played by a big pharma? This would again suggest they won't want an on-licence for fear of it happening again...

Should we be taken out in the next year or two, I will be extremely curious to hear the inside story from Tim and John. What have they been offered along the way? Etc.

Nice positivity with a touch of realism, as ever NtM.

Couple of issues/queries:

- Are we now just writing off 2024? Finance is NOT an issue so there is no excuse to not get underway with some drilling in Zambia.

- Colin is mistrusted and in some cases despised (Kwak). He does not have the time (or energy?) to manage 4 Junior explorers (us, AFP, BZT, GLR). Time for him to pass the baton to someone with more energy and drive? (He won't, but should)

- AIM is declining terminally, unless changes are made. Would we benefit from a dual listing? At least then our share price would (in theory) be tied to that on the ASX / see much more interest for BR should Colin throw us a bone on that one..

- My average is around 4.5-5p. I'd love to aim higher than the 1.5p you quote NtM!

Just remains for me to say: wouldn't want to be out of this over the...!

Ps. Get on with it Colin

P.p.s No interest in hearing OSV's opinion on this one. Have a look at the sp, your own trading account and mull over your response for an hour or two. Then tell Colin to get on with it!

Great question Brighty. Why is their marketing of Sareum on a par with two teenagers' sweet shop start up?

There was talk of a Marketing Manager a couple years back. Was there any shred of evidence that this individual did any work, whatsoever? I believe a few people got in touch on the email and there were zero responses?

Their science is great, no doubt. But the strategy, Marketing and decision making of the top team is woeful. Pressure needs to be applied, 21 years down the line at the upcoming meeting..

Laz, because I have thrown money at SAR 6 times already. On each occasion there was a wonderfully positive forward look with quotes about best in class etc. etc. Everything sounds positive, but this is not the first time. Many have been around for years and heard it all before. 6 times with the same outcome (actually down 50%) - what's the definition of insanity?

I would argue, there is no login in AIM, less so in AIM junior pharma.

Parker must have got around and done lots of jilting then, as he's p**sed off a multitude of LTHers.

His incompetence with RF (utterly terrible decision) and strategic balls up with the consolidation (made absolutely no strategic sense at the time and was proven as such) have hugely diluted many, many people's holdings here.

To suggest that people should have thrown more money at SAR in the last 6-9 months assumes that holders believe a BOD who may have devalued their holding by 75% (or more) can turn things around. It also assumes people have spare cash lying around at that particular time.

We are undoubtedly further down the line now and better funded. But funded for what? More pre clinical style toxicology studies? This may be a repeat of what we've done before, but more comprehensive? Different animals? There's no guarantee that this will satisfy other interested parties. There's no guarantee that Parkers management of this chapter in SAR's story will be any more successful than any coming before!

We all believe in SAR's science. But to believe things are undoubtedly going to take off now that Parker has got a few chums to invest is a case of serious rose tinted glasses!

(And for the record, I bought at 11p after the subscription. I can still be frustrated by Parker's mismanagement at the rest of my holding being devalued so significantly!)

"That's been dealt with and we now have millions in the bank to progress with P2 trials"

Apologies for being pedantic, but we will not be progressing with the P2 trial itself. We have money in the bank to get to P2 ready status.

We do NOT know when that will be, nor what the toxicology studies even look like.

It's great that we now have funding but it would be nice to know what it's being spent on, who is actually driving this strategy and when they expect this strategy to a) be achieved and b) pay dividends (metaphorically not literally).

I am a little miffed that us PIs do not have the opportunity to buy at 22p. These IIs are effectively being offered 20% return for doing very little.

Great figures MiTM. Shows how much potential there is here if the current figures already stack up.

We are, however, an explorer and not a producer. It would take 3-5 years to get the plans drawn up, sign off for buildings, build the processing plants, do all the testing. It's not worth the wait. The BoD are surely gearing up to sell on Bibemi, especially with all the tidying up of ownership they have done.

Sell off Bibemi/Senala then focus on the others with sufficient funding to become a mid tier --> sell off company.