Member Info for bignose58

And LAT should be LATAM, although I am sure you all know what was meant, although, possibly JG and JM don't :-)

The company states in its corporate statement that “Our strategy is focussed on Greater China, the US, the UK and Europe because of its strong growth profile and because it is where the Group has long experience, deep knowledge and strong relationships”

What strong growth profile? It’s obviously clear that Europe is generating next to no income and manufacturing is at a minimum. China is 3 years late The US is currently 4 years late and still counting. The DLI is still not generating any income, even though it’s a “global leader in explainable AI-driven aging clocks and longevity science”.

Part of an email sent to JG/JM/Dr Mike. There could a few things slightly wrong or out of place, but it has been such a long walkabout, my memory is not as good as it used to be.... ;-)

It will be interesting to see if any response is received.

1. Why has the company not advised shareholders of the issues with PSNW since it has had a financial impact given that the new agreements are taking over a year to be signed and during that time, the company has had to take further loans and cash injections from Jim/Gallway. Why is there also no mention that the company has been removed from the manufacturing list?

2. Why is there no update on progress of the Orient / Genetic manufacturing agreement or even HK and Macau ?

3. Why is there no update on the Israel agreement / approval process, given that the war has been going on for over a year? Again, no mention of any manufacturing agreement.

4. Why is there no update on the Japanese agreements and no mention on Progress with LAT and the Middle East ?

5. What is the current can productivity of Genetic and how are they going to supply enough cans for Wangbang to sell, if they are to even penetrate their projected 9mill market for the first year? (Please don’t just state that Genetic intends to produce 5mill cans which will increase to 20mill cans/year. You have responded with this statement before and revenue figures clearly show nothing has changed in actual production).

6. Is there a new agreement with Recordati? The last time an amendment was made was when the 6 dose can failed and Recordati, reduced the milestone payments. Surely, they will want a new agreement after 10 years and with OTC sales generating 60% less/can, which probably was not initially included.

7. When are shareholders going to see a return on what’s left of their investment, if at all, given that the company will need another cash injection towards the end of this year, if not before due to the China launch being further delayed?

8. How will the company generate confidence again, which is now at an all-time low? This can be seen by how eager PI’s were willing to contribute to the last major (100%) cash call with the majority being taken up by the underwriter.

Its supposedly largest Asian market, otherwise we would have been even far worse off today with our investment.

Since the PLE takeover, the company has, up-to-today, destroyed long-term shareholder value by a staggering 90/95%, depending if one were a RPG or PLE shareholder. This is quite incredible given that the company supposedly has a blockbuster product and according to the 2019 presentation, should have been generating around 38mill USD by now. Yet, it tries to appear it returns value to shareholders by allowing media statements to be made that state that since 1997, the company has returned 298mill USD to shareholders. It’s interesting that the media reports don’t also state that the last time any money was returned to shareholders was in July 2013 and since it started transitioning from a mining investment vehicle at the beginning of 2014, it has returned nothing other than demolishing shareholder value. Mind you, it has managed to change its name twice since then.

The company has often written in its reports how excited it is about the future etc, yet, in all that time there has been no increase in shareholder value, just destruction, which by the end of this year, investors will be lucky to see anything left of the money they injected.

With the above in mind, maybe you can clarify a few points which were absent from the recent announcement.

The Chinese approval process is now 3 years behind what is shown in the 2019 presentation, which is to be expected given that even the HK and Macau approvals time lines could not be gotten right with an extra year on the respective one-year and 18-month that shareholders were advised were going to take and that is in the companies own back garden.

Any income from the Chinese approval, when given, and first sales, which I doubt will happen this year, will not help long term shareholders suffer further dilution which will be required before year end since the company again has to pay off its debts to Jim and Galloway and then cover the annual 4.5mill USD running costs. The 5mill US (less taxes), milestone payment will not be enough to cover this and the 2 mill USD first sales milestone will do little towards next years running costs.

The DLI has not faired any better. It started as an app which was withdrawn and the company then moved over to B2B which according to the latest information in 2025 was going to create 56 licenses in 2026 in the USA alone. That meant there should have been at least 8 licenses in these last 2 months, yet, although an optimistic figure, one would think at least one or two licenses would be in place by now, however. As we have now been informed by Jim, current indications show that the US market isn’t ready yet, even if it is supposed to be worth 6.8 trillion USD. The company states its a global leader in explainable AI-driven aging clocks and longevity science, yet its not sold one license yet.

Mind you, making such statements doesn’t mean anything given the DBC was supposedly a billion-dollar market, yet that collapsed and the company closed down. Overnight, the company became Cannabinoid investors, which was also supposed to be a billion-dollar market, with a T/O which also collapsed and now the DLI which is supposed to be a 6 trillion-dollar market. I still wonder why the DLI would agree to be taken over in such a short space of time from demerging from its mother company and getting a cash injection from a series A funding given the company’s inability to return anything to shareholders. This in itself has played out since they too have had to bear the cost from a post 100%+ dilution. I’m sure they must be very happy with that.

None of the above inflated figures, mean anything if the company cannot get approvals and sell its products, particularly since some have already been on sale these last 10 years. Incidentally whatever did happen to that “more concrete cannabinoid investment opportunity” the company announced after the Yooya T/O collapsed? Since it was supposedly more concrete, one would think there would at least be an update to say that collapsed too. Yet, as far as I can see, shareholders have been left in the cold with regard to that. I suppose shareholders should be lucky the T/O did collapse because at the end of 2023, Yooya was only worth 1 mill USD, had closed shop and pulled out of Japan

The EU sales are a disgrace given the product has been on the shelves since Nov 2016. PSNW are no longer in the picture even after spending years trying to solve their own manufacturing problems, yet in the words of RPG they were “a leading contract development and manufacturing organization specializing in the development manufacture of metered dose inhalers, and other pharmaceutical aerosols” which has been proven to be far from the truth. Amazing words for a company which on the 23 Sep 2023 went into administration and on the 17th March this year, filed a Notice of move from Administration to Dissolution. The main manufacturer is now Genetic who are only able to produce 30k cans every 4 months. There has been no update on this regarding upscaling, yet RPG is quite eager to state “Genetic is meeting Recordati’s needs”, whatever that actually means since revenue figures would indicate sales are minimal. One wonders how Genetic can fulfill any requirements of other regions for other licensees with the current production rate.

Looking at the revenue figures and making a quick calculation 90k cans/year x 39 Euros = 3.5mill Euros (approx. 4.1 mill USD). RPGs revenue (royalty payments) is only 228k USD, as given on page 14 of the Audited Final Results, which equates to less than 5%. Even if one were to subtract Recordati’s expenses, I would have expected a larger figure given we were supposedly getting something in the low teens. This could, however, indicate a new agreement has been made with Recordati since surely the original agreement has expired and due to the change to OTC, their income has lost over 60%, which, I suspect, is also not in the original agreement. Recordati certainly will want to recoup monies lost over the last 10 years of waiting.

The FDA approval, which was supposedly going to change the company’s fortunes has become a disaster given that the company was supposed to have had approval in June 2017, then June 2018, then 2019, then Q1 2022 which were all based on an unambiguous agreement with the FDA. Now it is anybody’s guess when the FDA approval will be given since RPG have still not made any agreement with a licensee to complete phase II, let alone start it. Shareholders were previously advised that a license agreement could be in place by December 2025 which has not transpired, yet no mention of that in the annual report.

Come June it will have been 8 years since the phase II was first announced to have started and with less than 90 subjects, which is unprecedented. Larger companies testing oral drugs with over 1000 subjects have managed to do better than that. The marketing report which the company got all excited about and was supposed to help in getting a licensee onboard appears to have done nothing towards this and is now so out of date with respect to costs, it is no wonder.

Yes a couple of interesting things written are that the re are insufficient funds to pay off creditors and a report has been submitted to the department of business and trade on the. Conduct of the directors.

Although it mentions about unsecured creditors, there is no mention of Recordati or RPG, who could be owed money. And of course RPG will not mention anything in this regard due to it supporting their lack of business acumen and continued incompetence.

Its no wonder PSNW are not mentioned any more, which I would suggest is more about embarrassment than anything else. I am sure I recall when the partnership was announced, they stated it was a relatively new company. Anyway, you will be interested to know on 17th March this year, they filed a Notice of move from Administration to Dissolution. (RPG's abilities to seek out a professional and established manufacturer was second to none). The last 6 years of impurities problem which was of their own making should have been a red flag.

https://find-and-update.company-information.service.gov.uk/company/06368662/filing-history

Enjoy !!!

And you guys are just feeding it with your responses. There are all sorts of people who post on LSE and many of them are crazies who get a kick out of winding people up. If there is news, you will hear/read it soon enough.

Bothwell is correct.

They will receive FDA and China approval, however. Will the PI benefit ? Probably not. Given the current delays, they will need another cash call which, from the last one, PI’ s will not be willing to participate in. JM will then once again step in and increase his % leaving PI”s with nothing. It’s still a long way off before any worthwhile income, enough to cover all costs, will be seen.

Look out behind you…..

And another thing supporting the fact that a new agreement must be in place with Recordati are the revenue figure.

Last year it was 720k. This year its only 360k , exactly half.

using their data. 30k cans/4 months = 90k cans x 40 euros = 3.6mill euros = 4.155mill USD

Since the revenue comes solely from Fortacin sales, that means for 2024, the company received 17%. For 2025, that figure is now 8.7%.

Irrespective of any costs that Recordati may take out first, the figure is still half what it was in 2024.

There doesn't appear to be any other explanation.

Also, it would seem there ahs been no increase in can production, hence why they are still meeting Recordatis requirements which one would think should be getting higher, but obviously is not.

According to the 2019 presentation which discusses Europe, the commencement of the 2018 phase ii trials in the US and the China approval.

This is how far removed we are from their own projections:

Europe - no mention of OTC, but total sales of 232m. even at 10% of that figure, we are well and truly lagging

Market exclusivity ran out in 2024

PRC NMPA approval Q3/4 2023 (3 years ago)

FDA Q1 2022 Approval 4 years ago and still counting)

Regulatory data exclusivity ran out last year.

How can they get so many things wrong. (Covid had little impact on any of that). Its all due to managements incompetence.

Bothwell, you just don’t get it.

Current running costs will mean that by the time the company receives the 5 mill, which will pay of part of the 7 mill loan, it will still need money to pay the annual 4.7m costs. The 2mill payment will not help there. So where will the rest of the money come from. It will take months for any sales, if at all, to materialise.

And although the FDA phase iii is to be paid for by a licensee (you actually stated just a few posts ago that the China money could even be used for that), it’s still got a couple of years to go before any sales will be seen from that. By then the patent will have expired and so will exclusivity. And that all depends on when an agreement is signed, which, from what’s written is still a long way off.

Although Jim has provided another loan of 3mill, the company still hasn't paid for the last one of 4.19mill, so that's 7+ mill in interest payments.

The 3 million will soon be eaten up given total losses for last year were 4.7mill and 2026 must be the same, if not worse.. There is no guarantee they will receive approval by June. We were told it was expected by Dec 2025 and now its June. As mentioned before HK and Macau took an additional year.

It will take some time to start sales, so I don't expect any income this year. Certainly looks like another cash call will be coming just to pay the loans and continued running costs.

The DLI will take years based on their admittance that there is very little interest. What happened to the 56 licenses expected this year. No mention of that.

No mention of any Genetic upscaling. or about any new signed agreement with Recordati. One just has to look at the pittance of an income, even though Recordati is selling in the E5, which indicates the RPG % has surely gone down from some new agreement.

No mention of Orient. Were they not making a new manufacturing agreement with Genetic ?

The FDA process is embarrassing. Still no agreement in place and still no closer to phase III. Come June, it will have been 8 years since they claimed to have started the phase ii and with less than 90 subjects, it just doesn't add up.

Yet again. another year wasted as Pi's sink deeper into having no investment value left.

And yet still no income and China now won’t happen till June.

As at 31 December 2025, the Group had approximately US$135,000 in cash. On 26 March 2026, Galloway granted a facility which is unsecured and interest bearing to the Company for an amount of up to US$3,000,000. More debt.

What has been written by the chairman at the front is, as usual, absolute rubbish.

And still no agreement on FDA phase iii which should have been coming in Dec last year.

Who will be paying the DLI salaries since that’s not generating any cash and won’t be for ages. So much for 56 licenses this year.

I agree. Someone will take the US FDA forward, but by then we probably wont be invested as we will have been forced out.

As to China who will announce ? WangBang, RPG or the local Media before its made officially (leak).

With todays price action and that of the last few weeks, it would seem there is no confidence of any approval, soon.

Back to a market cap of 20 mill squid.....jeeezz

They have stated this before.

They are just trying to bolster a lackluster market.

There will be no dividend and everyone knows it, so why write it.

Most probably they will and just before approval at that. there are not enough shares in PI's hands to

Bothwell. That all reads very good. Unfortunately with RPG. Incompetence has demolished shareholder value. To the point that those figures aren't gg to make much difference.

The fact that RPG have ruined an unambiguous way forward agreement with the FDA tell us that they actually dont seem to care if we get approval or not. I ask you. Does it really take 12 yesrs to get this far based on less than 90 subjects being processed in a phase 2 study. Of course not. The patent rights will

soon run out and then what ? We have thoroughly been put through the mangle and it still hasn't stopped. It can't be long before another cash call is needed since China now appears to be too far away and the FDA much longer. It really feels like They have used this to move shares from PIs to JM at minimum cost. He must be well and truly laughing at how easy it has been without having to pay the true value .

One would think she would want to changer her surname to buffetoni, since Meloni could give the wrong message of constant failure…lol