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These institutions all get seats on the SRRA board. They were all mentioned in the paperwork for the 103 million raise, earlier this month. Although the main stated purpose for the use of the proceeds was literally stated as for the development of momelotinib, I think they must also be on board to benefit from any potential SRA737 development (kind of the kicker here for them). They also get some optionality in case SRA141 (CDC7 inhibitor) turns out to be viable. The 737 results back in June were preliminary and it will be interesting to see what the complete set looks like (higher N).. The response rate for anogenital may end up being higher. This may have been disclosed to these investors to entice them.
Thanks, Thoth2. Good point about the numbers. I suppose I didn't quite have a mental figure for the cost per treatment. Here's the commentary Jeffries had around ASCO:
SRRA noted that there are ~50K anogenital patients in the U.S. We est ~35% BRCA1, BRCA2, and/or ATM LOF in colorectal cancer, which could imply ~17.5K pts. Interestingly, of the 4 PRs w/ FA/BRCA rep fork tumors, 3 of the PRs co-harbored two mutations. Overall, we believe pursuing genetically-defined anogenital could be a legitimate mkt oppty, but w/ the new data, we view the path forward as still exploratory. At SRRA's event Monday 6/3 (7am ET; webcast available) they will have two KOLs -- one will speak about potential '737 combo options including w/ PARPs and IO; one will speak about her experience w/ the '737+LDG combo and potential in anogenital cancers. SRRA noted if they cannot find a way to move the program forward themselves, they would try to move it forward with a partner.
None of these biotechs are charities. Let’s do ourselves a favour and disentangle the business side and the reality of capital markets from the humanitarian side. Great if you can marry the two, making money and helping people at the same time, but please don’t judge me here. I’m merely commenting on market facts and that’s it. Also, curious to see what evidence you have to back up your statement saying that SRRA had not honoured commitments. If you have that level of legal transparency on this situation, please enlighten the board with facts.
I have no agenda here. I’m just someone down 52% on my srra investment and I’m looking at a stock with negative EV. One component of EV is the market’s assessment of what assets are worth. When I saw the ASCO results, I was super happy. It’s beyond me why the reaction has been so bad, but Jeffries view is that this (737) is not the main value driver for SRRA. Anogenital is not a very large market, particularly when it comes to the subset showing the right hypothesised genetic mutation signature required for potential efficacy (17.5k patients per annum). Apologies if I upset anyone here, but I do think that the situation with 737 is not clear cut and that mouse models in lung cancer are not valued that highly out there..
Guys- two points to note here. Clearly the compound doesn’t appear to be very valuable given the trial results and the market reaction to them. As a shareholder of SRRA, I think that NG, with his stock trading at negative enterprise value, would rather stick a finger in his eye than reduce his cash balance even further now. I have no idea if a milestone is due or how much it would be, but given the Sareum raise and the market reaction to SIerras results, it doesn’t look good
As much as I hate getting hit on my SRRA position daily (1.09 Avg entry), I do think that NG is being responsible by prioritising MMB. It’s considerably more derisked than 737 and the ASCO results, although good, were not stellar. 2 confirmed partial responses and 1 unconfirmed out of 10 in anogenital - that’s apparently not clear cut. If it was, partners would be lining up and SRRA would be trading above 2. It’s frustrating to see the share price behave like this, but patience will be rewarded here imo. Good luck all.
Agree that we're joining dots in a vacuum. Dreaming is for free! I'm a SRRA shareholder btw, don't own Sareum. (but this is the best board out there on SRA-737...
I assume 'Parker' also has a 'T' placed next to an 'R' on his keyboard!
I spotted the Andrew Allen connection before the SRA737 results and mentioned here. His exposure to SRRA is tiny compared to his net worth (16.5m usd of GRTS). I hope they pick the non momelotinib assets up though. Let’s see..
This looks like an At The Market offering to many people, including myself. SRRA has enough cash to get a lot done (75m). Not sure why they would dilute at such low levels, but seems to have happened anyway. Filing will tell all over next cpl days. Like many other SRRA investors, I’m confused and angry.