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Will the new CEO recognise and prioritise the need for medical validation of the tests. If so can they finance the necessary trials? Will he be tempted to delist and take the company private as cost cutting measures. Will be very interesting to hear his strategy and see if he feels the numerous V.P.'s have been value for money.

Pleased that remaining retail investors have not been completely wiped out overnight.

Raising money in the current market will not be easy.

I'm in PXEN who are debt free, no warrents or loan notes and are cash generative to the tune of about 12 million per annum.against a mcap of just £29 million. They struggled to raise a few million to buy an asset now generating 60% of their revenues!

I am far from confident that OBD will.raise the ,£6 million they are looking for. It notable that existing directors and PDMR's are only in for about £110k worth of the placing. That's a mere fraction of what they have taken out of OBD as shares in lieu of salary these last few months. Not a great vote of confidence.

The placing could turn out to be a precursor to delisting and liquidation.

If they do raise £6 million fit is worth remembering that they still have not acknowledged that none of the tests are medically validated at scale. £6 million will probably not be insufficient to finance the necessary large scale trials. A stay of execution at best.

I still think a pre-packed administration is a distinct possibility.

PI this will most probably finish below the placing price tomorrow.

Personally I would not invest another 0.5p in this train crash. I'm still trying to get my head around the 'share rearrangement' stuff but my initial impression is that it is far from favourable to retail investors. What I have noticed whilst trawling through the small print is that 10% of the fundraise will go straight to Oak Securities as a "fee" they alsoʻ get warranties for an additional 6% of the fundraise which ensures yet more dilution down the line (in the unlikely event this lot survive as a going concern).

The wording of the RNS is a bit ambiguous as to whether or not the placing goes ahead if they fail to hit the £6 million target.

Oh one more thing. Diggle gets 222,000 000 new shares in exchange for his 'unsecured ' loan. They are also paying him a chunky 'fee' for the loan.

They sure are good at spending other people's money.

Found a reference to a hoped for £4 million investment associated with the December appointment of Oak Securities as brokers.

https://search.app/c1RaSeDp9JaDAH699

Seems likely Oak Securities have been instructed to try to do a private placement to raise this £4 million.

The challenges will be that;

1. £4 million is more than the current mcap of OBD.

2. If someone is to be asked to do due diligence on a potential investment that is more than the current valuation of the company, how much time will they have to do due diligence?

Seems a long shot but that's better than liquidation (unfortunately still where I think this is going but good luck to remaining retail.investors)..

Where did you see that PI?

That sort of information would be price sensitive at the best of times let alone when the company is teetering on the brink. It could only be announced via an RNS. Maybe an Iinternet rumour by someone trying to make a quick buck?

The only question that matters is what did Vulpes get in return for providing an unsecured loan of £1 million, to keep the lights on?

Fingers crossed for you PI. Got rid of the vast majority of my shares as soon as Burrows demonstrated complete ignorance of the UK national prostate cancer screening trial. That should have been a sacking offence so the company chairman has questions to answer on his role in the squandering of a God sent opportunity. Guess he knows there will be no tangible consequences due to the scandalous lack of regulation of the AIM market.

I'm sorry to say PI that I suspect the big buys are most probably just day traders trying to time a bottom in the market to make a quick 10%. The general trend is relentlessly down so sells outweigh any buys.

I hope those that invested heavily have been able to limit losses to bearable levels. Burrows has much to answer for.

Afraid not P.I. The original company goes into liquidation and is left holding any debts accrued by that company. The administrators then pay creditors typically at a pennies to the pound rate from monies raised from the asset sale. Shareholders are the biggest victims and lose everything. That is one reason why I think Vulpes may have put up the 'loan' money in return for ownership of the IP and any other assets they deem.worthwhile. Vulpes are well connected in pharma circles and it would not surprise if they have a potential buyer lined up. That way they at least limit their loss on an investment they must regret making. Retail shareholders would walk away with nothing but a harsh learning experience.

An interesting process that I have seen in action previously.

My understanding is that the insolvent companys' assets get sold, often to an associated party such as a director or shareholder, before the company formally enters administration. Debts remain with the company put into administration. A phoenix company may be established to utilise the sold assets and business continues in an apparently seamless manner.

Could this be an option here?

Ah well didn't take long.for the mask to slip.

Nothing to do with Putin and the other geopolitical upheavals across the globe? No doubt there are some un the UK electorate that can't wait to vote for a Musk backed Farage. They will obviously improve the lot of the less fortunate. It's what they are all about.

Like you say can't help stupid.

Plenty of news incoming through the next 6 months will lead to a substantial rerate or a takeover bid. Mcap (circa £28 million) simply far too low for the company with no debt and generating >£12million per annum from this year on.

A 4 million raise does not leave enough to pay for a timely randomised clinical trial/validation once the inflated salaries are covered.. Seems more likely that Ross will be tasked to oversee a fire-sale of I.P. assets.

Just my opinion.

The suggestionnthatbtbey have "a solid product" is undermined by the fact that Burrows couldn't be bothered to get anything medically validated a simple fact that explains the lack of sales.

Not convinced by HEX but PXEN has no debt or warrants outstanding and is ow making £12m annual profit on a mcap of £27 m.

At least my dyslexic fingers may add some humour to a distinctly unfunny scenario.

Is epitomised in the fact that Burrows walks from this fiasco unscathed. He has taken millions from shareholders in exchange for ineptitude, nepotism and economies of truth. All of this in return for a £4 million fund raise and the retention of the equally inept Wakefield and a veritable gaggle of Burrow's chums. Absolutely disgusting!

Those looking to recover losses could do much worse than look at today's RNS from pxen.