Member Info for DugWalker

@picathartes

Thanks for posting. That's almost word for word what they told me a couple of years ago. Looks like OBD are still contemplating their navels when it comes to participation in Transform. The blood samples are being collected now so there's just no excuse for that. They are recruiting up to 300000 men as the cohort so these samples could be used to properly validated to the satisfaction of national regulators.

I suppose its a positive that PCUK seem to be more courteous to OBD shareholders than the folks whose wages we pay.

They have taken the test 'worldwide' The US was the market of choice under Burrows and the majority of his board and senior management team were based there. He had labs in the US and Asia ( a ridiculous waste of shareholders money).

The NHS CANNOT ADOPT A MEDICALLY UNVALIDATED TEST. So suggestions that they are 'blind to it' is just nonsense. Equally OBD do not have the financial or human resources to run their own screening programme.

I suppose I should expect such remarks and blame myself for investing in an AIM company.

Decline in share price is, of course, a distinct possibility. That's why shareholders need to bring pressure to bear on Ross rather than grabbing each and every opportunity to pump the shareprice based on clutching straws.

The board have consistently acted as if they view this as a lifestyle company. They treat us like mugs and it's understandable when retail shareholders refuse to face realities. With an activist shareholder like Pentwater on board retail shareholders should be making their dissatisfaction known to both OBD AND Pentwater.

Premature. Wait and see what happens once the Transform project reports. As of today there is insufficient evidence to support one.

Fact is it wont make a jot of difference to OBD shareholders unless they get involved.

Episwitch PSE is NOT included in the Transform trials but thd Stockholm test (and enhanced form of PSA) is. Episwitch PSE is not a 'new' test it has been around for several years now yet the company has sold only a handful of tests to private patients and stubbornly refuses to have ANY of the episwitch tests medically validated.

Instead of writing to Ross demanding answers, too many are happy to ramp for a quick couple of pence when it ought to be worth so much more.

"If OBD epi switch is good enough for private hospitals, then NHS must be looking to adopt it nationwide..... "

Complete NONSENSE.

Why is it difficult for shareholders to grasp the reality that a medically unvalidated test CANNOT be used for screening purposes?

The Transform trial is an open door waiting for OBD to walk through. It would provide tens of thousands of blood samples and funds towards the cost of testing them by PSE.

Instead of posting nonsense to ramp the share price, write to Ross demanding an explanation why they have made no attempt to get involved. That's the way to force the issue and see the SP rocket if OBD responds as it should.

Sunak can mention OBD as much as he likes but it makes no difference if PSE is not validated. An unvalidated test will not be included in any potential screening programme.

The Transform trial has been designed to facilitate inclusion of new promising tests or methods. Blood samples are being taken from tens of thousands of men and will be stored for use down the line as appropriate. If OBD made a case for inclusion they would be welcomed. Why won't they do this? I suggest every shareholder in here writes to them demanding an answer.

OBD get involved by approaching prostate cancer UK. It's really that simple.

The announcement is an irrelevance unless and until OBD get involved. The most likely route for screening will be PSE enhanced by Stockholm screening then MRI.

I have always been a believer in and advocate of the science here. If the test could be validated at scale it might start to live up to its commercial promise. 2 or 3 years ago I wrote to OBD highlighting the opportunity associated with the Transform project (UK screening trials). OBD couldn't do me the courtesy of a reply. I then tried to encourage participation by reaching out to Prostate Cancer UK. They were aware of the test and recognised its promise and implied that OBD would be pushing on an open door if they asked for involvement. Months later Burtows said it was critical that OBD should be involved but he was reading from a script sheet which gave the impression he was not informed. Here we are another year or two down the line and still OBD show no sign of taking up a FUNDED opportunity to validate through a proper medical trial. It is a disgrace and is contemptuous towards shareholders. My hope is that the recent investment by a known activist hedge fund will bring about radical change.

Yep Heyco paying us back at 15% of total Viura revenues until repaid. Add Selva and El Rom and we should have accumulated a nice pot of cash ahead of any significant outgoings.

Unless my memory is playing tricks Routh has made his intent clear in interviews. He is looking to finance the upcoming drilling campaigns in a way that does not dilute existing shareholders (farm outs or loans). However if opportunities came along to grow the company by M&A and such opportunities would enhance shareholder value it'd be crackers to rule that out by making PXEN a hostage to short term cash flow. Provided any such M&A activity made sense I'm OK with that.

Sadly it is obvious few shareholders have done their research on this.

Reality is the board are completely clueless as to how to commercialise or they continue to treat this as lifestyle company.

The entire board needs to be gone and perhaps the new activist investor has similar thoughts. Get rid of this lot and sell product or offer the company up as a takeover target.

@ Jebgooner. Pretty sure it was stated at the time that Poland was viewed as a long-term potential to follow up on only once the existing drill prospects are done. I don't see it being an additional source of expenditure until the other new wells make it self financing. Will need to check back RNS's and interviews but that was my considered takeaway at the time.

Should equate to some £6m quid per year to PXEN until our capital investment is repaid. With Heyco confirming an intent to seek loans to finance the next Viura well, we should only need to pay for any El Rom drilling before, at earliest, Q3 2026. The need to do a farm out, or take on debt to cover outgoings is, in my opinion, becoming significantly less likely. Mark Routh has already made it clear that he plans to avoid any further placings if possible. That seems an eminently achievable ambition. Good news indeed.

That's as may be Simon but is that not a bit of an irrelevance? We will have costs to cover at both assets through 2026/2027. Where the money accumulates in the interim will make little difference to the incomes and outgoings. The single Viura well will be the most expensive to drill and it has now been confirmed that loans or farm outs will be sought to mitigate any short term cash flow issues that may or may not arise.

@Ecologist.

My understanding is that only a few solar panels have been installed on the roof of the power plant. They were basically producing power for internal consumption. The absence of the transformer means that we will have temporarily lost the option to sell electricity to the grid but gas sales will have increased to compensate to a greater or lesser extent.

Project Helios is a much larger project involving a solar field on adjacent land and whilst much of the bureaucracy has been taken care of, it has not been actioned and has possibly been used as a bargaining chip to progress the drilling permits.

So permits for El Romeral drilling are now at the rubber stamping stage and should be issued 1st or, more likely, 2nd quarter of 2026.

This means we will likely have another 6-8 months of revenues from Viura and Selva before the costs have to be covered. Although these wells are cheap to drill it is good to have confirmation that any shortfall will be covered by farm out or bank.loans.

In spite of the transformer compensation issue

we will presumably still be getting some income from gas sales at El Rom. Also interesting to see that project Helios is back on the radar and should further increase revenues from Spain by monetising the existing grid connections. With Viura set to drill mid 2026 and Selva beginning 2027 we should be in for an exciting and transformative 12 to 18 months ahead.

Totally unrealistic. That sort of price would only be justified if one or more of their tests was adopted as a standard screening test and since none of the tests have progressed beyond laboratory validation on a cohort of a few hundred patients, that ain't happening anytime soon.

What is more likely is that Pentwater force their hands to sell out to a pharma company that has the money and know how to validate tests at scale to satisfy medical regulators and, finally, open the door to commercial deals. A takeover may result in a SP a few multiples of the current level, but nobody is paying 100x the share price.

Pentwater forced through the sale of US steel to Nippon Steel. Could be angling for a takeover.