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Cauldstream
Some of us have been here so long we cannot remember our own name!!
The CNRS ,under Dr Muller and her team , has spent tens of €millions on developing the P140 programmes and obviously being French , CNRS choose to share its scientific knowledge and intellectual property with another French company and that ultimately was Immupharma Biotech SAS in Bordeaux.
Also Robert Zimmer the founder of Immupharma was also a well known scientist in France and worked with Muller on the P140 drugs.
It has been a long and tortuous road but hopefully we are now getting closer to a major breakthrough.
I am not getting any younger!
Long term investors in Immupharma know all about the background to the unique collaboration between CNRS , the French State fundamental research institute which is the biggest in Europe employing
33,000 people and an annual budget of €5 billion.
Dr Sylvane Muller and other scientists in CNRS developed the P140 Peptide programme over 14 years ago and CNRS granted Immupharma exclusive worldwide rights to commercialise the resultant drug discoveries including Lupuzor and CIDP.
The patents and intellectual property rights to the full Peptide programme are shared jointly by CNRS and Immupharma France SA , a 100% subsidiary of Immupharma plc.
CNRS has affiliations with major research institutions worldwide including the top Universities and continues to work closely with Immupharma and Avion on the Lupuzor trials and on the CIDP and Anti Infections drugs and in return will receive a % of future revenues on commercialisation of the drugs
The % is assumed to be c20% but in the context of today's RNS on enhancing the intellectual property rights , I see the CNRS input to be crucial to expedite the matter.
To have the CNRS as our research partner is unprecedented for a small AIM Biotech company and if its support leads to successful outcomes for the P140 platform in multi billion $ markets then shareholders will not worry if the CNRS revenue share is higher than 20% or so.
Machin
Smart commentary and as a fellow long termer here with 4m shares at a breakeven of 6p I agree with you.
I have been a critic of McCarthy over the years but I must admit he has surprised me with his commitment and tenacity in recent times in turning Immupharma around after Zimmerman and Demetriou were ousted.
His somewhat bizarre left field investment in Incanthera was laughed at by many here but could be a big winner for us.
The deal with the Alora group changed the landscape entirely and the exhaustive meetings and dialogue with the US FDA on the Lupuzor trials were highly commendable and management deserves their 2p options if it delivers.
We are in a totally different space today with 3 interesting drug programmes and our investment in Incanthera plus a reinforced Board with Laurence Reilly etc.
The announcement of commercial deals on Lupuzor and CIDP plus the anti infection drugs would be transformational for the company and the SP.
Fingers crossed
ATB
Wildbunch
You were right to question the expiry date of the warrants.
Lisa has confirmed that the warrants are exercisable at any time UP TO the Expiry Date of September 2024.
She acknowledged the confusion caused .
So Immupharma has 6 months left to exercise the warrants at 9.5p.
Good spot Wildbunch. 👌
Wildbunch
Please read Business Update RNS of the 6th March 2024 where the company clearly states that the c7.3m warrants held by Immupharma in Incanthera are exercisable AT ANYTIME.
I trust this clarifies matters.
ATB
Major research note from Stanford Partners plus Interview with McCarthy on Incanthera just out.
Stanford postulates 2 scenarios ..one with just the European market for Sol with revenues of $35m and then secondly, expansion into Asia with revenues of c$100m by 2026/7.
It is on the Incanthera website.
If Stanford is right Incanthera could be worth north of $100m.
DYOR
Wildbunch
Sadly old Nolupus doesn't seem himself recently with garbled posts full of spelling errors , capital letters and
fuzzy thinking..
I sincerely hope he is okay as we have had some interesting debates over the past 8 years.
As for Immupharma having to come up with the cash to exercise the warrants it can simply sell some of its 9.9 m shares in Incanthera to pay for them particularly should Incanthera's SP soar to say 50p or higher.
As for his contention regarding the " book value": of Immupharma's investment in Incanthera it only has to do a mark to market valuation at the Interims and Final Accounts stages and show the realised/ unrealised gains or losses then.
Anyway I wish Nolupus the best as it is only a share board after all.
Nolupus
Have you not read the Incanthera RNS.
The warrants held by Immupharma represent an unrealised gain based on Incanthera's current SP.
The 9.9m direct holding is an unrealised loss.
The two Immupharma holdings, shares and warrants in Incanthera combined have a net unrealised gain.
This could change depending on Incanthera's SP.
The outlook for the Incanthera share price based on the revenue forecasts is extraordinarily bullish.
Even you must admit that the prospects for our investment in Incanthera looks excellent after today's update.
Nolupus at it again with wrong information that Immupharma's investment in Incanthera of £2.25m is still under water.
Not at todays Incanthera SP of 18p giving a value of Immupharma's 9.9 m shares in Incanthera at £1.8m plus current unrealised gain on the 7.3m warrants of c £700,000.
Incanthera looks like it will taken out soon by one of the big players given its forecast revenues for the next 2 years.
Now if only Tim could give us another juicy RNS on the commercial deals and Lupuzor trial data , we would be flying.
Alwaysone
My theory is that if private investors like us tender at £2.50 we will get 100% filled.
This is on the basis that none ( or very few) of the Institutional investors ( 70% ) or management and connected (10%) will sell at the tender offer leaving just c20% of shares available for tender .
So if 70% apply of this cohort, then they will be filled 100%.
70% is a big ask imho given the sum of the parts valuation of Puretech is conservatively over £4/5.
That is why I feel management got greedy and tried to strip out weak holders on the cheap thereby increasing the % holding of those who shareholders who refuse the offer.
Yorkshire
You have now encouraged Nolupus to start up the same drivel he has been spouting for 8 years..passive aggressive so called pearls of wisdom except now he even seems bored with his own never-ending" same old same old" with Capital letters everywhere and for someone who has never bought a share in Immupharma , Nolupus is one strange poster with a fetish about the regurgitation of his only opinion on Immupharma.
Look to the stars but keep your feet on the ground..dozens more such" wise sayings "at the end of each of his posts... yawn!
Lesley
I have been having good conversations with Kana in Puretech Investor Relations until I vehemently criticised the Tender at £2.50.
I have received no response and appear to be on the naughty boys list.
Childish.
I now , humbly, confess that I know diddly squat about the Stock Markets after 50 years as Puretech's share price drops to 212 p today...38p below Tender price
Bizarre.
Malt
Great Post
My views entirely as Puretech as a developer of drug programs farms out the risk through the hub and spoke model and its track record is one mega success ,Karuna and loads of duds with Vedanta possibly going to be a winner .
So Karuna has garnered $1 billion from Karuna including the upcoming c$300m from the BMS takeover and Puretech and royalties of $400m from
Royalty Pharma plus future additional Royalties milestone payments and sub licensing income.
The rest of its founded entities are utter failures apart from perhaps Vedanta who may come good.
It's own drug therapies are interesting but still at a relatively early stage .
The market in the US and the UK hate companies that act like fund managers and that is why they assign a risk premium to these unusual entities
There is no guarantee that Zohar will not exhaust cash resources over the coming years on the in house drugs so that is why the strategy needs to change and only a takeover will clear out the spoke entities and concentrate on the primary business and stop Zohar from acting like a Pharma fund manager in high risk drug development companies.
I keep thinking of the $13 billion she left on the table in Karuna.
The perils of appointing a child of the founder of a company to run the business.
Anyone see Succession the great TV series.
Anyway Puretech still is totally undervalued but needs new management and a focused strategy.
This will happen soon imho
Soundman
Mystifying drop today as there is a clear arbitrage opportunity to buy at £2.20 and tender the same amount for a 30p gain.
However it is never that simple in the markets so what's the story .Is the SP being manipulated downwards to bolster the take-up in the Tender or is the market not impressed by the management's lack of daring and ambition.
A more aggressive management would back itself to use surplus funds to drive growth through a large acquisition for instance rather than buy back its own shares which have underperformed for 10 years.
Zohar boasts of taking $1 billion out of its small investment in Karuna having developed KarXT the schizophrenia drug but forgets to mention it had left $13 billion on the table.
I think the market is not convinced of Zohar's strategy and skills and I think the 70% Institutional investors particularly Invesco with 24% of the shares will exert pressure after the Tender is completed.
Just returning cash to shareholders at a low SP is an admission by management that it hasn't any ideas to drive growth using the large surplus funds and is content to plod along hoping Vedanta and its own drug therapies come good in a few years
Hence I feel a takeover is the logical conclusion and maybe we may see this sooner rather than later.
I still feel the cash , royalties and other significant assets are worth north of £1.5billion.
The Tender Offer is a clever ploy by Zohar ...but too clever by half .
With just a free float of c20% ( Institutional investors own 70% and management/ Directors/ connected parties own c10%), this Tender is aimed at the free floaters who , in the unlikely event of them all tendering and with no Institutional or investors likely to tender any shares , this would reduce the free float to c6% and increase the % holding of the remaining investors ( mainly Institutional and management) by 11.6% .
While I hope the free floaters are not that stupid it is obviously what the company is targeting at a low ball price.
I told the company that a Tender Offer of £3 may dislodge the wavering shareholders but at £2.50 there is little chance of that happening.
Too smart indeed but not fooling everyone , I hope.
With more big payouts to come and even a possible takeover, management just got too greedy.
I am not tendering my shares for what it is worth.
As an uber bull on Puretech for many years I am very disappointed with today's crumbs from the table capital return strategy and have made my view known to the management.
The Karuna bonanza was a great opportunity to reward shareholders for years of patience and in my view , Zohar has blown it.
Not a happy camper.