Member Info for Dicko80

It was Nt to buy last thing on Friday

The value that this could create and the exposure that existing shareholders will have to that deal as well is all very exciting as well so lots of value catalysts in there for existing shareholders. We’re very happy with the response to the market since our announcement on Monday but I think you’ll see just through all these carve outs and the Coiled deal itself, there’s lots of potential upside here to be had by investors.

Q4: So, what are the next steps for shareholders to look out for?

A4: We’re very early into this process, we only announced this on Monday, but it is a well-trodden path by lots of us in the management team. We’re confident we can get this done certainly by the end of the year. We do have an exclusivity period until the end of January next year so that’s the absolute latest date we can get it done by, but we’ll be very disappointed if we can’t get it done this year.

We’re currently finalising adviser engagements and we’ve commenced drafting the SPA already so straight off the belt. We’ll shortly start drafting admission documents, investor presentations and all those documents that need to go alongside relisting on AIM.

So, as this progresses, again, very early in the process, we’ll keep the market updated on the progress, but I think it really is a great transaction for Roquefort Pharmaceuticals shareholders on one hand, but it’s also a great transaction for Coiled Therapeutics as well. It gives them a platform to grow the company, which they want to do significantly prior to listing on NASDAQ, which is one of their aims.

I think it’s a win-win for all the stakeholders in this transaction.

Coiled is their second asset spin out that A2A Pharma have done. Before spinning it out, they progressed the AO-252 therapy through pre-clinical programmes and through IND and then they spun it out into Coiled Therapeutics in January this year.

AO-252 is currently in Phase I trials in the USA, and the results so far are showing very good safety and significant signs of efficacy, which is obviously a major value catalyst. So, that’s very exciting by itself.

After Phase I, they’re looking at enrolling a sufficient number of patients next year to plan for Phase III registrational trials so we could be looking at moving this therapy into Phase III trials very quickly, which is another major value catalyst.

So, AO-252 in terms of market size, it could be used to treat up to 350,000 cancer patients across multiple indications in the USA and the EU. If their trials are successful, it has the potential to be a first mover in what could be a multi-billion-dollar market.

So, yes, it’s a great company, great asset, great team behind it.

Q3: Why has it been proposed to carve out Lyramid and the MK Cell programme from Roquefort?

A3: Just a bit of background. Roquefort has essentially three preclinical programmes; it has Midkine programmes, which are held by Lyramid and then we have two other programmes, STAT-6 and MK Cell, held by another subsidiary called Oncogeni.

Earlier this year, we announced that we’d signed an SPA to sell Lyramid, which holds the Midkine programmes to a company called Pleiades Pharma, that was for up to $10.8 million. They’re currently finalising investors into their company and we’re looking at hopefully completing that towards the end of October, that SPA. Now, the value of that deal alone to Roquefort shareholders is about 5p per share, more or less so we really want to try and preserve that for existing shareholders.

Coiled has not expressed any interest in those therapies because it doesn’t really align with what they’re doing so we have agreed to carve those out for the benefit of Roquefort shareholders.

I mentioned earlier that STAT-6 is staying within the company because Coiled are interested in that therapy, particularly with immunotherapy applications. I think they can see that working alongside the AO-252 therapy maybe as well so that’s why they’re interested in that one.

That leaves us the MK Cell programme. We’re fairly confident we can agree a deal around that too. We have agreed an option to carve out that asset ahead of completing this deal as well so that could be some additional value to Roquefort shareholders before we complete this deal.

Now, saying all that and talking about the carve out, we are also very, very happy with this Coiled Therapeutics deal. The value that this could create and the exposure that existing shareholders will have to that deal as well is all very exciting as well so lots of value catalysts in there for existing shareholders. We’re ver

Coiled Therapeutics PLC, and we will be relisting on the AIM market. So, we’re currently on the standard, but we’ll be moving over to the AIM market, we think that’s a lot better market for a company of sub £100 million with ambitions to grow the market cap.

Certainly, Coiled Therapeutics have made it clear to us their ambition is to grow the market cap of the company significantly on AIM. They’re going to do that through positive clinical results and other news flow and then the idea is to list it on NASDAQ, which is a well-trodden path for biotech companies. A couple that come to mind that have done very well at AIM are Amryt Pharma, and Silence Therapeutics have both done that successfully.

I think in summary, it is a transformational transaction for Roquefort and its shareholders, and it certainly evolves us into a material clinical stage bio company, brings a lot of very experienced and successful leadership team.

As I said, we are very excited about it.

Q2 : What sort of value track record does Coiled USA and its parent company A2A Pharmaceuticals have, and why is that relevant?

A2: A2A Pharmaceuticals, let’s start with them first. They’re a private, well-funded company, they’re in the US and they use proprietary computational systems, including generative AI to accelerate drug development. Through this, they’ve got a much more efficient process than the traditional trial and error approaches to drug discovery.

Their model is to identify and develop novel drug alternatives for life-threatening diseases like cancer and then spin them out into standalone entities like Coiled. There’s a lot of information out there on their website, which is a2apharma.com, so people can read up on that website.

Now, what’s really interesting with A2A Pharmaceuticals, they did have a spin out a few years ago. The first spin out was a company called Biomea Fusion, and they spun that out in 2018, that then IPO’d on NASDAQ in 2021, and it reached a peak market capitalisation of over a billion dollars. So, that did exceptionally well. I think through that, you can see that A2A Pharma do have a great track record, they’ve been incubating assets for years and they have a track record of realising value from that as well.

roquefort therapeutics (lon:roq) executive chairman stephen west caught up with ************* to discuss the transformational proposed acquisition of coiled therapeutics, which would pivot the company into the clinical-stage biotech space.

q1: stephen, could you just summarise the key terms of the transaction and the relevance to roquefort therapeutics?

a1: earlier this year, we set out that we were pivoting away from our pre-clinical programmes that we currently have with the ambition of acquiring clinical programmes. so, we’ve looked at lots of deals since we made that announcement and by far the best deal we’ve seen is coiled therapeutics, which we’ll be talking about today and just very excited about the deal.

not only are we acquiring a clinical-stage company, it’s currently developing a new therapy in a very exciting area of oncology. currently actively in phase i trials in the usa so that’s very exciting and preliminary results are very good. they’ve also expressed interest in retaining our stat-6 programme and developing that into clinical trials as well. so, all that together makes coiled therapeutics a very good target for us.

we’re acquiring them from a company called a2a pharmaceuticals, which is a private us company. coiled has essentially been spun out from a2a pharmaceuticals and it has exclusive worldwide rights to a therapy called ao-252. ao-252, it’s a novel therapy. it’s first in class. it’s first in human. it’s a new drug alternative. it targets a protein called tacc3 for the treatment of cancer.

i won’t go into too much detail about science, but tacc is a protein which is overexpressed in multiple cancer cells but importantly, it’s not required by normal healthy cells. so, their ao-252 is targeting tacc3, it’s more precise and potentially less toxic than other drug alternatives, traditional ones like chemotherapy. if the trials are successful and they’re looking good so far, it has potential to be a first mover in a new multi-billion-dollar market, which is all very exciting.

in terms of the actual metrics around the deal. we’re acquiring them for upfront of £30 million, that’s payable in roquefort therapeutics shares. what’s very important for us is alongside the deal, we’ve got a2a pharma, which is the ultimate holding company and its investors, they’re committing to invest £6 million alongside the deal, which would be a majority of the funding requirement over the next two years. that was very important for us, that part shows their commitment to the deal and the company going forward.

in terms of the deal itself, we’re confident it’s going to complete, everyone’s very committed to it. just to kind of drive that home, we do have a break fee in there of $1 million to make sure that everyone’s focused on this transaction and getting it done.

now, due to the size of the transaction relative to our market cap, it will be an rto. the large entity is goin

reminder on blue sky potential

https://www.***************************/roquefort-therapeutics-stephen-west-analyses-value-of-us-acquisition-lonroq/4121216457

The issue is/was the mkt didn’t believe these deals were happening and didn’t reflect in the mkt cap

MMK and Lyramid we are getting upto $13m more now compared to old deals plus retain STAT6 , yet mkt still not valuing the deal anymore

That is crazy so this carve out is great for existing holders

Initial Cash dividends and hopefully big payouts down the line

The new company coiled

1.7p should be the bottom so from here 15% , that’s how I see it but with blue sky upside

They are pushing on with patient trials

· Coiled USA plans to start dose expansion studies in Q4 2025 and enrol a sufficient number of patients in 2026 to plan for Phase 3 registrational trials

https://www.lse.co.uk/rns/ROQ/proposed-acquisition-of-clinical-stage-company-ivsk3wbvac9krr8.html

So could well get an update pretty soon and they talk about hitting key milestones to create shareholder value

AI talks about it being “first in class” and successful trials now will re rate the shares , especially as it’s targeting USA market which pay the most for treatment

Do the math

350,000 potential patients

$244,000 costs per patient (AI prediction based on current data)

If they capture 10%

350,000 x 10% x $244,000

$8.54bn annual sales

That’s for USA

As per the deal it comes with £6m funding which is expected to fund the next 2 years

So I see it as limited downside from 2p

They are looking to expand and they have started work on solid tumours as well

Plus STAT6

We retained and now looking to push this theough trials again $1bn market potential

Directors have bought a good amount of shares recently

When a company talks about a transformational deal always good to delve into the detail to understand why they so bullish and even more so when they purchase over £150,000 for £2-3m mkt cap

T is currently impossible to state an exact price that a client (patient) would pay for the AO-252 drug, as it is still in Phase I clinical trials and has not yet been approved for market sale. The final cost will depend on numerous factors, including the results of further trials, the final approved indications, the geographic market, and insurance coverage.

However, we can outline typical costs for similar novel cancer therapies and factors that will influence the price:

Typical Costs for Novel Cancer Drugs

In the US market, new cancer drugs launched between 2015 and 2020 had a median annual cost of approximately $196,000, with some small molecule therapies (which AO-252 likely is) costing a median of $244,000 annually. Some more recent high-end therapies like CAR T-cell treatments can cost up to $500,000 per year.

Prices in the United States tend to be significantly higher than in other high-income countries, often 1.2 to 1.9 times more expensive than in the UK, France, or Australia, due to different pricing and reimbursement policies.

Factors Influencing the Final Patient Cost of AO-252

Clinical Efficacy and Survival Benefit: Drugs that demonstrate significant improvements in overall survival or quality of life tend to command higher prices, though the association is often weak.

Targeted Therapy & Unmet Need: As a first-in-class drug targeting the TACC3 protein, which is expressed in many hard-to-treat cancers, it could be priced at a premium, especially if it addresses a significant unmet medical need.

Geographic Market:

United States: The list price will likely be very high. However, the final out-of-pocket cost for a patient will heavily depend on their specific health insurance plan, deductibles, and co-pays.

Europe/UK: Pricing will be subject to negotiations with national health systems (like the NHS in the UK), which often use value assessments to determine a "fair" price. In the UK, patients with cancer receive free prescriptions.

Development & Manufacturing Costs: The large R&D investments by A2A Pharmaceuticals and Roquefort Therapeutics will need to be recouped through sales, which influences the list price.

Competition: The presence of alternative treatments (competitors) for the same indication can influence pricing.

Partnerships and Royalties: The license agreement includes potential milestone payments of up to US$12 million and royalties of up to 4%, which will be factored into the final pricing structure.

Ultimately, the client's direct out-of-pocket payment will depend less on the list price and more on their insurance, the specific healthcare system they are in, and patient assistance programs offered by the manufacturer.

AO-252 is a novel first-in-class, first-in-human new drug alternative targeting the TACC3 protein for the treatment of cancer

· Previous company spun out from A2A Pharmaceuticals, Biomea Fusion, reached a peak market capitalisation of over US$1 billion

· AO-252 is currently in a Phase I trial in the USA (trials ID: NCT06136884) in advanced solid tumours and is showing encouraging efficacy, responses, and clinical benefit with a very benign safety profile

· AO-252 has shown strong efficacy in preclinical models of multiple solid tumours as a more precise and potentially less toxic approach to traditional cancer treatments like chemotherapy and other targeted therapies

· Coiled USA plans to start dose expansion studies in Q4 2025 and enrol a sufficient number of patients in 2026 to plan for Phase 3 registrational trials

· Looking to progress the Company's existing STAT-6 program through IND into Phase I clinical trials

· A2A Pharmaceuticals and its investors are committed to providing the majority of the funding requirement over the next two years with an investment of £6 million

The market potential for the AO-252 drug is considered significant, with the potential to be a first-in-class treatment in a multi-billion dollar market, though it is still at an early clinical stage.

Key factors indicating this potential include:

Target Patient Population: Estimates suggest AO-252 could treat up to 350,000 cancer patients across the USA and the European Union based on a relevant biomarker population.

Broad Range of Cancers: The target protein, TACC3, is over-expressed in many cancer types and is linked to poor prognosis. Pre-clinical studies showed efficacy in models for various cancers, including ovarian, triple-negative breast, and lung cancers.

First-in-Class Target: AO-252 is a first-in-class drug targeting the TACC3 protein interaction, which is not required in normal cells, suggesting a potentially less toxic treatment approach.

Promising Data: Pre-clinical data demonstrated strong efficacy, while early Phase I study results in advanced solid tumors are described as "encouraging," showing signs of efficacy and a favorable safety profile at low doses.

Analyst Outlook: Analysts believe that successful trials could position the drug as a "first mover" in a multi-billion dollar market, with success in even one cancer type being "transformational".

Precedent for Success: The company from which AO-252 originated previously spun out Biomea Fusion, which achieved a market capitalization exceeding US$1 billion post-IPO.

The company is currently conducting Phase I trials and plans to advance to Phase III studies, with clinical milestones representing key value inflection points.

Topped up at 2.30

Thanks v much 👍

So hopefully the potential deal value is starting to sink in,backed up by shares based on your % in ROQ

Cash payments and also big payday for Lyramid asset sale many multiples of the original figure $10.3m

But STAT 6 is retained

This is a company maker in itself

See research notes below

https://www.roquefortplc.com/sites/default/files/content-files/2024_SP_Angel_Roqeufort_05092024_FINAL.pdf

Potential large upfront payments

$100m +

And potential $1bn + payday

So last chance tomorrow at just over £3m mkt cap to get shares with current value of $35m but potentially much more and shares in the new phase 3 RTO and STAT6 blockbuster

Hopefully this helps understand the opportunity you have tomorrow

AJ did the original two deals but the deal now is much better value for ROQ shareholders

Lyramid $10.8m

Ecogeni $12m

$22.8m

But with the Ecogeni deal it included STAT 6

The deal now is upto $25m just for the MK cells and DOESNT include STAT6 + $10.8m Lyramid

So potentially $13m more plus we retain STAT6

So both deals are now with Pleiades

Info 👇👇👇

Pleiades have a highly attractive portfolio of pre clinical and mature assets, the plan is to raise substantial amount of monies to progress their portfolio

As most will be aware , the potential value of any deals is dependent on phase of development

with pre clinical, lesser value to top end as you derisk the medicine through trials into phase1/2/3

Pleaides have a significant portfolio, both pre clinical but also Phase 3 stage cell therapy and Phase 2 stage vaccine and now adding our lyramid portfolio and MK cells

You only have to look at recent deals to see the significant upside potential

Recent phase 3 deal saw GSK paying $2bn

https://www.clinicaltrialsarena.com/news/gsk-to-spend-2bn-on-phase-iii-liver-disease-drug-acquisition/

So where as the deal last May saw potential upside of $50m for 24% equity for lyramid on a phase 1 deal, this gave an overall value of upto $208.3m based on 100% just for phase 1 on lyramid

https://www.lse.co.uk/rns/ROQ/midkine-antibody-licencing-deal-dzmui2y93rm5rzn.html

The significant difference now , we will now have equity stake in Pleiades , which means numerous potential paydays so although $10.8m is a significant amount for Lyramid and multiples of our current mkt cap, the potential value of this deal is much much more

As confirmed per video below

https://m.youtube.com/watch?v=siSIreDVYmc

ROQ recognise the current disconnect in mkt cap and no doubt feel our pain, you only have to look back RNS to see shares bought and at what price by BOD

so to protect existing shareholders for the future value creation, the announcement to incorporate a new holding company on 30th Nov, last trading day Friday 28th NOV

the deal protects existing shareholders that only those on the registry at that time will benefit from the value in the future of any deals this by the way of shares pro rata based in your % in ROQ

If you look at the previously deal last may upto $50m for us on any potential sale of at just phase 1

So if your holding 2% equity in ROQ , would could be the pay day based on 2% of $50m ?

Yet pleaides have a much bigger portfolio and even a phase 3 asset

Pleaides CEO have a proven track record and has a relationship with big pharma Lily

Lily recently paid $1bn upfront on a deal

https://www.fiercebiotech.com/biotech/lilly-talks-over-13b-deal-gene-editing-partner-verve-ft

Some other deals

https://www.fiercepharma.com/pharma/top-10-biopharma-ma-deals-2024

So hopefully the potential deal value is st

Thanks adi

Yes SmTch you just need to hold ROQ shares in your account at end of play tomorrow to qualify

Good thanks Pumpky , low average after taking 40m 0.0225

Yes upto $35m value for £3m mkt cap in the free shares

If your on the share registry tomorrow close of play

Pumpky. Has RRR paid POW or not?

Seems price sensitive either way? Or am I mistaken?

…..

Yes you are mistaken

If no deviation to the contract no need to announce as no change

You got nothing better to do ?

“Your numbers and Dicko $15k to $32k housing numbers are a tad optimistic to say the least.”

Not my numbers

https://ibb.co/5xYYZSZP

Maybe do some research

48 ton at 5% copper

2.4 ton of copper

$10,685 per ton copper

$25,644 per truckload

AB quoting $25-50k

So very high grade copper !!!!

Https://x.com/ABell2019/status/1992907065027891617?t=e22sy7IcuwdunrBveEv05g&s=35

“Yet another nonsense tweet”

I beg to differ …

“Planned production”

Means

🔥 JV funding $22m landed 🔥

🔥 mine/licence secured 🔥

Scale of the opportunity

initial 3 factories x 3000 houses (minimum) PA

9,000

Costs in brochure posted on X ranged from $15,000 - $31,000 per property dependent on location

So if we said $20,000 mean average cost

9,000 x $20,000

$180,000,000

So that means we would have to produce and profit more than this number

Andrew has mentioned benefits include reduction in tax payable on profits through mining under the PPP 2014 Jv

I have read it’s a reduction from 30% to 15% (unconfirmed by the company at this point)

So if we are to produce 9,000 houses (minimum) paid for through mining profits

How much profits will we have to make ?

I’ve done the math …

Our mkt cap is £2.8m

Remember ..

This is just initial 3 factories , potential for over 100

Andrew has commented ..

think 1million houses that’s the objective