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the chairman here, Dave Norwood, is the chairman of Oxford Science Innovation (OSI), an investment vehicle backed by google, IP group, the chinese, etc. That means he's seeing the very best commercial technology coming out of Oxford in the form of spinouts. I'd be very surprised if he can't find an excellent home for our cash within the next five months. I'm sure you're right: he already has a short-list of targets to aim at, which is why this name, trading at or below cash, is very attractive in my view.

Umm..thanks, it�s just a summary of newsflow over the last year with a few numbers from their last results. Still, you�re right that it�s better than nothing. We really do need some order / revenue momentum to start to build in the next couple of quarters.....

I don�t see a rights issue as being at all likely. Not down here after such a tough few years. The cash is running down but they�ve still got enough to see them through 2018. You raise money on the back of great news and a higher share price, I think.....Note that neither Invesco or Aviva have given approval for this action, whereas the Welsh and Woodford have. I think Invesco�s name would also be there if any kind of funding was imminent. I have a pet theory that Aviva have been THE seller for many quarters and that�s why the share price has been nailed to the floor. Some of you will recall that Mark Denham left Aviva in summer 2016 and a raft of innovation stocks like this one were impatiently sold by the dealers after his departure. With no institution on the other side of the trade it really can take these guys many quarters to exit a stock like this. I like the Nasdaq listing theory, fits with the opening of the US office and the forthcoming phase three trial RNS, which specialist investors in the US will not be able to ignore. Agreed that exosomes is v exciting but not sure it moves the dial yet.

Right question, though!

? Er, no, It’s not a sponsored article. It’s written by Reuters journalists. Sure, there are sponsored ad pop-ups for UBS, etc, But you get there everywhere - just checkout the side panels of this webpage, for e.g.! Upon reflection, perhaps the more encouraging take on it is that stem cell therapy is deeply out of favour and is a good contrarian bet. Still, it’s a shame a UK-based contrarian investor like Tom Dobell hasn’t backed a UK firm like us. Perhaps, with Woodford already a major holder, the liquidity opportunity to build a stake has never been there...

this article really disappointed me. It discusses two peers in the stem cell field to Reneuron and their US trial progress. It also mentions Tom Dobell, who runs the a deep value, contrarian fund at M&G IN THE UK. he holds both names mentioned (one is US, one is Aussie), but as far as I'm aware he does NOT own Reneuron. Reneuron doesn't even get a mention in this article, despite being a few months away from US Phase 3....I'm not sure what concerns me most: the lack of PR/investor awareness in RENE, or the worry that Dobell has done due diligence in RENE and rejected it?....Ho hum.....It's been a long journey in this stock for all of us.... https://www.reuters.com/article/us-health-stemcells/tiny-stem-cell-companies-close-in-on-major-heart-disease-goals-idUSKBN1EC0GO

So, we now get a meaningful share in opportunities beyond IPF in lung ( note, IPF killed Keith Chegwin RIP) This is really significant. Liver fibrosis/ NASH is one of the largest areas of unmet clinical need, with a market size estimated to be circa $35bn. It’s a super hot area for licensing deals at the moment. And we get £5mn of cash....

This is a gimme for the new CEO. he has £18mn of cash post the raise so he has no funding worries for a year or so. he has a new kick-ass CSO in Cellright founder, Jesus, he has a new range of products selling in the US which will generate a minimum of £5-6mn of annual sales with lots of cross-over opportunities, he has a brand new production facility and an opportunity to co-locate and save costs...where's his downside? sure, he will find the current share price fall tedious but it doesn't affect his business plan one jot. It's tough and a bit scary to see the share price fall down here but today's selling thus far adds up to £25,000 or so. So, the damage is being done by private investors doing what they always do - selling when they should be buying. If this business had no revenues, no cash and lots of debt/warrants, i could understand the urge to cut and walk away with something. But this is a proper business in an exciting area of med-tech and the Chairman's clumsy timing in removing the CEO will be forgotten soon-enough. traders can ignore this, but if you think you're a fundamental investor then it's worth considering an initial investment to build a position in this name. i wish I wasn't already fully invested - but I am....

Can only imagine what the atmosphere is like at TRX's head office.... Let's hope the CFO's departure is the last shoe to drop. The new CEO now has a clear deck and will presumably bring in his own preferred choice for CFO for the next leg of the TRX story. Streuth, what a ride.....

completely agree with this post. got to give the guy a chance to talk to Jesus (pun intended) and to work-out how best to accelerate things across the piece. he knows the business well so his review shouldn't take long. if we ex-out the �15/16mn? of cash left after the �20mn raise in the summer, the business is on a shade over 10x sales. that's not cheap but if you consider that the large cap med-tech names are on an average of 4.5x sales (S&N is on 3.5x) then I think it's attractive, given the growth potential.[ I've taken a �6mn annual revenue figure for the joint-venture from an Edison report, post-merger. ] It's clear that the deal and the CEO change has put some institutional noses out of joint and the share price has born the brunt of it. I'm happy to wait (and add, as I did this morn) whilst I wait for the underlying story to reassert itself.

must have been movement between funds at one of the big holders....can be even more confusing in that the trade volume sometimes shows both sides of the trade - so the actual quantity that 'changed hands' was half that shown... as you say, no market reaction so a 'nothing done'...

from the Sept interim report, p.3 "4D will aim to start a first-in-man cancer monotherapy trial later this year." Hope this link below also works....out today. what's relevant / interesting is the focus on a single strain approach by this google/mayo team, in addition to the consortia of micro bacteria approach. Note, these guys will launch clinical trials next year, too. So, lots of noise around the micro biome theme (which was also in the Economist magazine last week)... As a reminder, 4D have gone down the single strain route vs Vedanta (owned by Puretech) which has gone down the consortia route....all best https://endpts.com/not-your-moms-probiotic-google-backed-evelo-teams-up-with-mayo-clinic-on-bug-drugs/?utm_medium=email&utm_campaign=Thursday%20November%2016%202017&utm_content=Thursday%20November%2016%202017+CID_88a0a143041e40e2ee82b884a7d335de&utm_source=ENDPOINTS%20emails&utm_term=Not%20your%20moms%20probiotic%20Google-backed%20Evelo%20teams%20up%20with%20Mayo%20Clinic%20on%20microbiome%20drugs

Let's see what's going on...

well, you're right that risks definitely exist - that's why the chart looks like it does. we've been fretting over those risks all year. but your '2/3p range in sight' stuff doesn't make any financial sense at all. it would imply a market cap of �10mn at 2p, which would mean the shareholders' equity would be worth 16% of the cash in the business. I've seen discounts to cash in the past (negative enterprise values) but nothing approaching that kind of level because cash is returned to shareholders way before that point is reached. with a sales-force already in place, two products being sold in the current cough/cold season, some decent revenues from the drug discovery business, I think there's a margin of safety here. Are the two complete response letters and the risks that the two products never make it on to the shelf in the price? I did think that was the case at 15/16p. The move to 12p reminded me that I frequently get things wrong. However, as a risk reward, I think Vernalis is one of the best trades out there in AIM life sciences at the moment...Am very happy to own it here. Please don't wait for 2/3p because you won't see it...

let's see if we get an RNS to let us know where the stock has come from and where it has gone to. we're one RNS from validation of the streamlined platform and the new, highly incentivised management. there's a highly asymmetric risk to upside, in my view. no-one in the market expects anything out of this biz, which suits me just fine...

we're all 'slightly green' in this sector and any micro-cap. there's so much room for random things to go wrong (and, occasionally, right).... i think the big investors here would need a many multiple increase (6x, 10x?) in the share price to compensate them for the risks they've run in committing capital and the costs of doing the due diligence and maintenance work on the company over many years... If you're prepared, as I think I am, to stick around for 3-5years then you've got a decent chance of making some great money and a small but not insignificant chance of losing it all...there just can't be any reward without any risk...good luck!

The title of an article published y'day in the prestigious journal 'Science' is : "Gut microbiome influences efficacy of PD-1�based immunotherapy against epithelial tumors"...It even made it on to the Today radio prog this morning.... As a reminder, 4D is going to launch the world's first in-man monotherapy trial in cancer before the year-end on patients very recently diagnosed with the disease... We should see the RNS any week now. It's bound to attract a lot of attention and remind investors of the potential of this platform across a range of diseases.... This has been 'tumbleweed' quiet but I suspect it will soon become a lot busier. Good luck!

from today's Fiercebiotech... Just a reminder of how tough big pharma has found it to find clinical solutions to IPF and related conditions like NASH...It's just marginal stuff but it ups the potential value of our LOXL2... "In Sanofi�s third-quarter results posted early this morning, the French Big Pharma says it is canning a phase 2 trial in idiopathic pulmonary fibrosis (IPF), following poor results from Roche and AstraZeneca. Buried amid its financials, Sanofi revealed simply that it has �decided to stop the development of SAR156597 in idiopathic pulmonary fibrosis,� which had been in phase 2. The drug had seen the study completed and top-line data were expected to be known in mid-August, according to clinicaltrials.gov. The primary endpoint had been absolute change from baseline in percent predicted forced vital capacity at one year." The bispecific IL-4/IL-13 antibody appears to have followed Roche and its failed attempt with its IL-13 drug lebrikizumab in asthma, which it discontinued after mixed results.

happy with CEO appointment. Good.... to try to answer your question: I just mean that the cross-over point when we all know that their products are a permanent and widely accepted part of the US wound-care market is still ahead of us. There's a risk that they don't actually break-through (the revenues are still tiny in context of US market) and in that scenario they run a risk of commercial failure. But there's also a risk that they do break-through and things accelerate aggressively, in which case, they will get taken-out. The deal helps to reduce the downside risk and increase the upside risk, in my view. nobody can predict how it will end-up. but, stating an obvious point, you've got a higher chance of making money from TRX by buying it at 9p when it has just funded itself than you have of buying it at 24p, pre-funding.

there are a lot of players...admittedly fewer in the really advanced product areas that TRX has focused on. but cheap low-tech wound products still slow adoption of more expensive, higher tech stuff like TRX's. part of the prob is the size and relentless of the sales rep/marketing efforts by the big guys to keep hold of their market share. they don't care if a superior product is being edged out, they're trying to hit the local/regional sales targets and have very strong links with purchasing managers. It's why the acquisition is so exciting...suddenly there are multiple conversations happening with bone and well as wound specialists, etc. etc. when i last did a bit of work on the US market, there were about 70 wound-care players. the list on the attached link is over 100 but many will be lower quality, high volume product. the competitiveness of the market is why you see a lot of M&A. if you've got good product, you're probably going to get bought by the big guys. but you have to cross the line and become a threat/something-that-is-being-talked-about before the big guys feel the fear and reach for their cheque-books. On a 5 year view, TRX is much more likely to have been bought or to have gone bust than to be still trading, in my opinion. despite all this competition stuff, 9p is a fantastic entry price. I'm already fully invested higher up but wish I had more to deploy. good luck... http://woundcaremanagement.medicaldevices-business-review.com/companies