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see below. it's probably academic / irrelevant for us now, but the 'competitor' horse to our SNG001 beta in asthma at AZN has failed in late stage trials. i always felt that, at the margin, AZN cut our program because they thought they had another severe asthma product in the bag. now their asthma franchise looks lighter than it did. I could argue that it slightly increases the chance of AZN partnering us on COPD, given that they know the data and team so well and have already sunk millions in the original SNG001 collaboration. Of course, with improved diagnostics enabling the identification of viral infection now available (see SNG's COPD trial outline RNS), there could be a case for re-running the interferon trial again..... "AstraZeneca and its global biologics research and development arm, MedImmune, today announced the top-line results of the Phase III STRATOS 2 and TROPOS trials for tralokinumab, an anti-interleukin-13 (IL-13) human monoclonal antibody, in severe, uncontrolled asthma. In STRATOS 2, tralokinumab did not achieve a statistically-significant reduction in the annual asthma exacerbation rate (AAER), the primary endpoint, in patients with severe, uncontrolled asthma and elevated levels of a biomarker, Fractional exhaled Nitric Oxide (FeNO), compared to placebo...."

fair. i can't pretend that at 8.5p - levels we last saw in the summer of 2013 - that this has all gone as it should. with the new business on-board, cash-levels topped-up and products coming on line, we've got a shot at the title here. the main issue we have is the fierce competitiveness of the US medtech market. that's the dominant risk to the revenue line and the business....it suggests to me that when /if the market thinks TRX is a genuine winner/survivor, the re-rate will be super aggressive. but first, to paraphrase Mrs Beaton, we need a CEO.

maybe I'm just too trusting but I think everything is under control here....there was no mention of a 'search' in the directorate change RNS, which tells me that they know who they want already. there's clearly some negotiations around the exit package for Antony and I presume that's why we haven't yet seen the confirmation of a replacement. I do hope it's Jesus or another US-based heavy hitter. This is a US business now and I think it has outgrown Antony/any Brit. Hence the need for the chairman to do what I presume he has done.... as for trading - volumes have been tiny. I don't see any institution selling out in disgust or concern. the timing of the move - after the transaction and the cap raise is actually the safest time to try and execute management change like this...good luck all.

Summary ReNeuron has announced that it has been awarded a �1.2m UK grant to help fund the development of its exosome therapy platform. The grant follows a �2.1m exosome funding award in 2016 and a further �1.8m cell therapy award in May 2017 both from Innovate UK. These awards demonstrate ReNeuron's strong technological leadership in exosomes and their significant commercial potential. With ReNeuron now trading at below cash, we believe the current share price significantly undervalues the potential of ReNeuron's pipeline of leading cell therapy products which includes CTX in stroke, rHPC in retinitis pigmentosa and its exosome platform. Reiterate Buy. Key Points �1.2m grant awarded to ReNeuron and collaborators. The grant, awarded under the Welsh Government SMARTExpertise scheme, will fund work at ReNeuron, and collaborators Ig Innovations and Swansea University, to optimise manufacturing and characterisation of ReNeuron's CTX-derived exosomes as a cancer treatment. Despite the significant commercial potential of ReNeuron's exosome program, we do not currently include it in our 15p rNPV valuation of the company given its early stage of development. Clearly undervalued. ReNeuron currently trades below cash, yet it has a pipeline that includes: a potential blockbuster for stroke, expected to enter pivotal trials in 1H18; an orphan drug candidate for retinitis pigmentosa in Phase II trials; and further upside potential from its early-stage exosome platform.

Hi Freddie. i can't send link - sorry. the report was not sent to me directly and i can't take risk....I hadn't actually seen the previous 15p valuation so this must be a reiteration. there's nothing too revolutionary in the report - today's grant award just gave them the chance to put out a piece, emphasising the risk-reward now it's trading below cash. all best

research report out this morn...note that there's zero valuation attached to the exosomes programme in their sum of the parts valuation...

yup. fair...you got me there...thanks...forgot that bit of the report. hope it's not too expensive! we should hear soon! a partner of some kind in this small trial would still be a 'great to have'.... "The Company has therefore designed a short trial for the winter of 2017/18 to evaluate the potential of SNG001 in COPD, which is being submitted for regulatory approval"

maybe there will be a placing but I seriously doubt it....down here at 13p, it's very dilutive. But the main reason is that COPD/all respiratory trials normally involve very large patient numbers and require big bucks to execute effectively. chronic care treatments like COPD need lots of data to cover lots of idiosyncratic responses from patients with other background conditions, different climate/seasons, etc. etc. etc. I don't think it's realistic that a tiny biotech like this tries to go it alone and I think this excellent management team are too smart to try it. Personally, even if they did try to go it alone, i think I'd take it as a negative because it would infer that all the big guys have had a look at the data and not fancied the risk/reward. Still, the current share price is easily covered by the value of the fibrosis candidate on its own, in my view - the fibrosis/NASH market is tens of billions and woefully catered-for by effective product. Chances of a juicy licence deal there next year are very high if the data holds up.

re: new major. I did note that Maike Currie, a Fidelity investment director, tipped ITM in an article in the FT dated 18th Oct. the article's title was 'How to Brexit-proof your investment portfolio'.....please correct me if I'm wrong, but I don't recall seeing Fidelity on the register before. It would be great to have some big US investors as new major shareholders....

Hi! i did follow Sphere...but that was a simple inability to sequence funding, dogged by a long, uncertain sales cycle in low-barrier to entry product. The result was a deal in which the investors needed more certainty by having security over the assets and cutting the costs of being AIM listed... In contrast, TRX raised 40bucks in a bear market for innovation stocks...AND managed to convince a profitable US entity that they were worthy buyers and would be able to pay the earn-outs that Cellright owners can expect over the next year or two. You're right that ownership concentration is a prob for this and most micro-cap innovation stocks. But the TRX list is the most patient and highest quality of any of the names I look at. IP Group, Invesco, Woodford, Baillie Giifford - you don't find better-resourced growth investors than these.... I think we're fine and that 9p is a gift. BUT i do want to know who will be the next CEO and why...

i think the wording of the RNS was interesting...It did not mention a 'search' for a new CEO. given how utterly dominant the US market is now to TRX, I really do see that a US appointee, a real mover and shaker in the wound-care market, would be a very exciting hire. Perhaps our friend Jesus will step-up? He built a profitable business in a few years at CellRight...Net, net, I don't think anyone could or should sell down here. And I have funds standing-by to add if we get an appointment that makes strategic sense to me. If you were an incoming CEO, this business offers a lot of upside - a recent transaction which adds top-line, big integration synergies and a share price already on its uppers. What's not to like? We don't know if Samuel, the Chairman pushed Antony or whether he walked. Note, Samuel pushed out the old CEO at Xeros when it was time to move up a gear. That move worked. He's a hard but clever man.

on the last call management said FDA letter was not one of product efficacy or biologics and there was no trial data resubmission issue. the problem was with Triss, the manufacturer and its production process. but both Triss and Vernalis have been understandably vague as to what the specific problem is. They've also avoided making themselves hostages to fortune by giving us a deadline when it will be solved, except that they fully anticipate to be ready for next year's cough/cold season (but have missed this year's, obviously).

well, that was uncomfortable, but at least we've got the clear-out trade under our belts (i hope/assume), and can now start to move on...over �60mn of cash, two products already on shelves in the US for the cough/cold season, promoted by a dedicated in-house sales-team, a drug-discovery business which is on track for a conservative �6mn this year and the stock is trading at -ve EV, i.e. trading at less than the cash it holds. wow.

well, it's certainly drifted lower than I thought it would..it's now trading at around zero EV, given that it's got over �60mn in cash...you'll have to wait a good year or so before there's any real talk of another funding round. I think the management comments were around the medium-term path to break-even; that having missed this winter for two key products they were unlikely to get to break-even without more cash. I understand but don't agree with your strategy from a risk-reward perspective. if you think this company and its long-acting products can achieve meaningful revenue growth in the US, then days like these, with the stock utterly unloved, are the times to buy. but I don't wish to diminish the execution risks here - they are substantial although I would argue now overly discounted (but i thought that at 15p)...good luck!

It's Ferd, the Norwegian investor averaging down, having driven the price over a �1.00 earlier in the year. This should have cleared the Lansdowne overhang and will allow the share price to drift back-up to more rational levels. It's also an important endorsement of the Benchmark business model. I'll confess that I found it disconcerting to see Lansdowne selling-down, given that they're so well-respected and had been here for so long. However, I do find it reassuring to see a Norwegian investor buying more equity in this aquaculture stock, given that they're the world-leaders in this field. Good luck.

ahem. well, I seem to have gotten this one badly wrong...not proud of it.... luckily, no-one else seems to have read my post at the start of the year anyhow....

We don't actually know what's happening here. but i'm 99.9% convinced, having known and respected management in a previous life, that it's nothing crooked. Sure, we're pricing in a funding round of some kind and a commercial delay. it's no secret that AGM needs cash quite soon. My advice is to congratulate the doomsayers like superg because they've undeniably been 'right' in terms of share-price performance, and to start to build a position that you can add to in a capital raise. There's zero optimism or hype here, in fact the reverse. This stock is on its knees. it's time for contrarians to quietly add.

I'm sure IPO management have been severely restricted in what they can communicate to us by their advisors and the regulator. I doubt we will hear anything from them on the unlisted portfolio companies till post the CMA decision on Oct 24th - assuming the deal is waved through and not referred to a 'Stage 2' competition investigation (which seems very unlikely, given the non-exclusivity of deal pipeline access at oxford, cambridge, etc.). I do think this stock can continue to motor a lot higher. There's a passive element which will start to come into play: the merged entity will be a larger constituent of the FTSE250 and there will be ETF/index buying to reflect that. It could move the stock a long way, given liquidity is always tight. You may recall the spike we saw in Allied Minds when it went into the FTSE 250 back in 2015....

On first read, i thought this was a 'miss' - for e.g. an apparent delay in the asthma trial from 2017 till 2018. But, the more I read it the more I think the management team are being astute in backing a dual approach that protects shareholders and broadens revenue opportunities. The first approach is a conventional biotech route, taking a product (very rapidly) through the clinical process (phase 1, etc). Judging 4D on this narrow approach, we still have - we hope - an eye-catching oncology phase 1 to look forward to before 2017 year-end (the media will love that, surely?), some phase 1 paediatric crohn's data, and the launch of IBS phase 2 to follow soon after....But there is also a second approach, which is to broaden out the revenue opportunity/technology applicability via the MicroRx platform, which could, in time, be licensed/used by any clinician working in the fast-growing microbiome space as an industry standard, in a way not dissimilar to gene sequencer usage today. In addition, the oncology work seems to angle for an additional route to market for the product as a combination treatment alongside or ahead of conventional oncology and other therapies. So, even if we have a headline 'miss' with direct single-strain trial data in cancer, arthritis, asthma, etc, we do have a good shot that these ultra-safe products could become widely adopted as part of the treatment regime for patients across 'block-buster' target areas. I think it's a strong buy here as we wait for the cancer trial launch in the next couple of months.....

I saw this conference being advertised on the FierceBiotech website. It's in Boston in November. I couldn't see SNG on the attendance list so not sure if the guys will be there (clearly, we all hope they will be...). I thought it worth posting to remind us all just how important the LOXL2 stuff could be.... "With almost 45% of all deaths being ultimately attributable to some type of chronic fibroproliferative disease, there is clearly a huge unmet clinical need for the pharma industry to address. We asked the leading drug developers from organ-specific disease areas about how they were trying to tackle the challenges within the field. The result is those insights and experiences are going to be shared candidly at the first ever cross-disease Anti-Fibrotic Drug Development Summit. Join us and hear about the transferable science, new program data and key lessons learned. Accelerate your efforts to develop more clinically effective anti-fibrotic therapeutics. View the full agenda and speaker faculty here . We have sought out the leading minds and most exciting drug development efforts being progressed at the likes of Pfizer, Genentech, Biogen, Fibrogen, Xtuit and many more."