Morning Guys (again)20 Oct 2020 07:19
One of those rare nights last night where I didn"t hit the pillow and sleep for my normal 12/14 hours, in fact couldn"t sleep at all.
Our recent deal with Redmile has provided much food for thought, and we have discussed issues like whether Tranche 2 was pre agreed at the time of Tranche 1, and the only benefit in my eyes is whether omething has occurred since Tranche 1 that necessitated extra funding. From that it has raised the odd post of whether Scancell can close a commercial deal, questions about where we stand with collaborations with Biontech and Karolinska and a possible failure to convert our first collaboration deal with Avidamab. Whilst all interesting questions it would be so helpful if we got updates on all platforms, even our plans with SCIB2 now it has come home for trials. I just think both Tranches were agreed at Tranche 1 stage, it has kept Redmiles Holding under 25% and the size of the 2nd Tranche is too big IMHO to be a kneejerk reaction to not securind a commercial deal. After all were we ever going to raise £33m with our first Avidamab collaboration??
I mentioned Sunday that I felt a little downbeat comments over the last few days, and I hope that stemmed from the placing causing us to lose 25% of our value, but it is, hopefully, one step back to take giant strides forward.
This funding has really taken me by surprise, never in a million years would I have thought we could pull that off just a short time ago with our M/Cap languishing at £23m, the SP going nowhere at 5.5, but we have and for the first time I can remeber we have serious funds to take all platforms forward . COVIDITY and Glycan/MaBS has been discussed mostly, but lets face it the bulk of the funding must be earmarked for SCIB1/2 trials, MOD1 trial and MOD2 development.
That being the case it is one hell of a validation of our science to be awarded these funds and I do believe the role of Vulpes and Pharma has helped secure this. But if ever external validation had a meaning, surely this is now. It excites me as to who Redmile will bring to the table, and we can only dream of becoming the next Biontech.
Ruck, you have come up with many posts re valuations along with Ray and crumbs, I haven"t seen a new calculation as to our worth or the budgets you feel have been afforded to each platform,which I eagerly await.
There was a time not so long back that I had thoughts of Avidamab and COVIDITY taking over our original hopes of taking the Immunobody and Moditope platforms to commercialisation, in the absence of resuming trials for an unspecified amount of time. But Redmile have taken this into account and whether this is a big investment for them or not, £50m is a huge amount to us, Hopefully in the short term the SP will climb back into the 18s, there are so many items of news to come this a very realistic target, and for the first time ever the words "fully funded" have a real meaning. GLA
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