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Thanks for your reply Bermuda... I suppose im just struggling to see how we could fundraise for 2 registrational trials given the massive cost, even if (in your view) it was the right strategy. We'd need to raise 1.5x our marketing cap no?

@Bermuda what are your thoughts re the significance of that line in the abstract about the neo-adjuvant regiatrational trial? Do you think that implies a partnership has been agreed, or do you think it might be that we're splitting our reg trial in half with one in advanced stage and one in neo-adjuvant?

Phil has consistently called out the original trial as well...

Omg! Is that the sign we've been waiting for... surely hard to interpret that as anything else? "Advanced and neo-adjuvant"... wow wow wow

I get that Ray.... but its not like us LTH haven't had long enough to build our positions... let's say we had a milestone of 5 mill, that probably buys us 5 months of runway... but 50 million shares bought instead could get us to 15-17p. Which could then enable us to fundraise at 13-14p. Or if as the co says we have enough runway to h2 26, then we will either have a deal or a fundraise that will take care of the runway. Given we need the partnership for the reg trial to start it needs to be q1 next year at the latest... so an extra few months of runway won't make any difference as its benefit would only be after either a fundraise or a partnership.

I feel the same Crusty... I dont really understand how the market makers can justify holding the sp back like this. You can't tell me if the shoe was on the other foot and we had a background buyer but 70 odd sells in a day they wouldnt drop us 10%. The odds are stacked against investors in biotech anyway, and i just get the feeling that they are being stacked even more heavily than they should be against us at the moment.

I know you'll never do it but how about using the upcoming milestone payment to clear out as much of these sellers as possible... genuinely with the sp suppressed by these sells and killing momentum there is a genuine business case for taking out the seller. If it leads to a higher SP and enables us to Fundraiser with less dilution down the line...

The struggle to get any upwards movement in the sp is depressing... cracking rns, 35 odd buys... hardly any sells and we're up 0.1p... I mean it does make you wonder... even if we had epic news are there any actual buyers left out there...

Having listened back I can see why you might think Florian didn't sound as excited as Diggle, but in person I didn't get that impression at all.

Re sc134 I think the team are starting to see that as core. Lindy mentioned to me after it would likely be in clinic pre modi2.

Agree regarding Phil. He is very impressive. In the accounts you can see he has taken a significantly smaller salary than LD or Sath, in return for his 30 million options. Which speaks to his high degree of confidence he can make a significant deal.

Agm link: https://we.tl/t-Hhb4AHmGOW

Will post the recording when I get home, but initial thoughts/things that stood out for me below.

- Some new T Cell engager tech that helps improve efficacy and reduce toxicity of antibodies separate from avidimab. Graph showing improvement of Sc134 with the tech applied. Patent has been filed. "Getting a lot of interest".

- Phil gave an excellent presentation outlining the partnering and fundraising strategy, and explained the need to do both in parallel.

- Some hints that they might look at further spin outs to maximise shareholder value... I took that to mean moditope.

- Modi data for both renal and head and neck by year end.

- Genmab have put (at least 1) antibody into production ahead of trial. Due a formal update in November.

- Phil mentioned he thinks the personalised vaccine competitors are in his view struggling to get into health care systems.

- Been talking to hnw investors in Switzerland and are actively trying to encourage new retail investment.

- Talking to cancer vaccine pathway/launchpad about registrational phase of trial and modi.

- Phil doesn't think Genmab's acquisition of Merus is going to impact our antibody development with them, but they'll keep an eye on it.

- Redmile "Very Excited" particularly about the lack of toxicity. Highlighted the tough environment over the last few years for biotech and cancer vaccines.

- Lots of anti aim chat at various points from different people. Apparently a turn off for investors. And that's why they're looking at spin offs etc.

- Vulpes "incredibly excited... IScib1+ pfs data is markedly the best in the world"

Having attended the agm for several years, imo 95% of the value of going is in the informal q&a that happens over coffee and sometimes biscuits...

Sorry posted before finished. Yes I plan to go.

Hi Marcus,

Surely modi news and potentially genmab milestone payment should be imminent...

0.25%

Incredible breakthrough in the treatment of Huntingdon's. Disease progression slowed by 75%.

They initially invested at 5.5p... id consider 55p (10x) a low ball offer for Scancell.

So you are extremely confident that redmile and Vulpes would turn their noses up at a 10x return?

Hi Empty, whilst it has its pit falls I think it is an incredibly useful tool. Curious as to which bits of my post below you consider inaccurate?