Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
If my rough calcs are correct under Aus Tax year they need to start and pay around £2m to initiate P1b before June cut off to receive the the full £1.6m tax credits otherwise with what's due we will be 500k short, that's where the missed February RF 4th deposit and additional deposit would of come into play....They seem to be flying close to the wind financially even when they had RF relying on Tax Credits / Working capital until Q4.
They need to go big placing or whatever to get us well across the line this time...Trials look like staggered payments so questions on finishing P1a working capital /
Sad 10 years on speaks volumes slow and late to the party really do spring to mind, how much data have you actually seen read on SDC-1801 since 2014 to make any sort of judgement. SDC-1801 is akin to Brepocitinib with plenty of data to read that's more comparative. The arena is now so much more competitive compared with a few year ago.
Agreed there's been plenty of delays along the way but not all external, deciding to switch to the tablet route thus further delaying filing for CTA spring to mind even Edison flagged this as a strange move at the time /
I still believe they wanted SDC-1801 gone preclinical but obviously not enough data to support a license deal....
Anyway onwards and upwards hopefully some good news next week to lift the SP.
Logically thinking (If that applies to the Bod) the financing will come as soon as they have sight of preliminary P1a MAD data, at that juncture assuming all is well and if they can get a placing away best guess they will try to secure £3m at whatever discount to the SP they have to, with the addition of offering shareholders the option to participate in additional shares / funds as they have previously, might make some feel better that join in average down /
If they can't secure financing or the data doesn't warrant P1b then it's well.........
Nothing is guaranteed here not even if they can get to the end of P1b and forget all these silly comments of £400m license deals waiting or £10 a share being touted as always DYOR and GLA
I'm starting to believe the Bod never wanted this to go too P1 and were hoping banking on a licence deal preclinical.
Listening to parkers answer below regarding SDC-1801 raises concerns that the interest around our compound or a license deal isn't a given as some here believe (a signal of efficacy may be enough to open up conversations) that's now 15 months ago a lot has changed since: https://youtu.be/1x1_ktQPLik?t=1225
Hopefully it will all come good and its not to little to late.
Pot with it saying currently owed £1.3m I took that as they still carry a lot of risk and shares + additional coming so would be more desperate to recoup their funds at any price as soon as possible but really have no idea /
Would be nice but if the following statement is correct it could mean MAD finishing is still a bit off and full data further into Q2
19th February Edison report: "The multiple ascending dose (MAD) arm continues to onboard patients"
They need to raise £3m as soon as possible a 300k sticking plaster will not suffice after losing the remainder of the RF facility. These trials aren’t cheap and for all we know there may be outstanding payments becoming due for P1a.
After announcing to the markets that we are financially f***ked and the fact we weren't able to resolve this with sight of what was coming the next RNS needs to be financing by placing or similar ASAP everything else is moot right now, RF not supportive over 300k what an absolute mess.....
IMO right now we are in more trouble than some may think, we are unable to draw down a measly 300k and I bet the Bod tried to re negotiate with RF to allow it to go through hell if we can't draw that amount from the likes of RF then god help us. Today's RNS had to be released as it was price sensitive, the RNS reads like the Bod have most likely already taken a pay cut to keep the lights on the problem we have is it also sounds like we needed the 300k towards finishing P1a
Laz always unknowns and variables Re: P1a in the 19th Feb Edison reported stated: "The multiple ascending dose (MAD) arm continues to onboard patients" which could mean an extra cohort has been enrolled to reach MTD adding costs or there has been some delays, as for finances tax credits, SRA737 payment we have no sight of but they are in a mess right now financially.
I don't think the RNS has fully sunk in yet total shambles and utter disbelief the bod have known for weeks that the next 2 x drawdowns weren't achievable and yet there is no other finance in place so no guesses what's coming next.....
After re reading the RNS its coming across as we are going to be hit with a discounted placing to raise enough to keep the lights on and finish P1a, if they couldn’t secure decent funding previously I can’t see any other option unless they pull a rabbit out the hat / unlikely what a s**t show this has turned into and the added RF issued even more shares…..
The below statement is that stating Sareum haven't got enough funds to finish P1a ?
"The Company is in discussions to assess alternative funding arrangements and has taken steps to preserve its immediate capital utilisation. Providing alternative funding is secured, the Board of Directors remains confident that the Company is on course to deliver topline Phase 1a results in Q2 2024."