Member Info for emptyend

https://*********************/companies/uk/pharos-energy-plc/research/shore-capital/pharos-energy-phar-house-stock-at-25p-returning-cash-and-catalysts/53_0c2511b0-ddf6-3c6e-bc08-a3db157c556a

The thing to ponder, ratcliffe, is how long is the line of stock that the seller of the 700k has - and at what price will the next tranche be made available to the market. As soon as the seller stops providing stock, the search will be on for the next level at which someone is content to let some go. I don’t think the seller is being anywhere near as aggressive on price as they could be. Yet.

CrustyPete is clearly correct. That 700k trade was a sell, taken by a marketmaker with an order book containing several known and ongoing buyers.

My guess is that these include placees from last year, some of whom we know approached the company - and I guess were accommodated because of who they are. It would be interesting to see the names on the share register now…..and I wonder if the seller in blocks would be as happy to sell if he knew….

Indeed, Bermuda. That was my point in the initial post at lunchtime. Perhaps they have been stingy with news updates because they have made a patentable discovery?

Not so. You are making the assumption of cause and effect. I, on the other hand, am surmising that they could make a discovery during the course of trials that generated a new understanding of the problem.

Remember that Lindy thinks she is (nearly) there……

Yup……publication date of patent applications - five of them since the latest grant.

https://trea.com/organization/scancell-limited/information/814bbd54-577a-4daa-8cd5-bf5da36f624c

…..so five patents still awaiting grant.

And has been noted elsewhere data publication and patent filings appear to go together.

Since the last patent grant in 2022, there seem to have been five applications in the year from Sept 2022 to Oct 2023.

None seem to have been granted - and there has been little substantive news in the last year.

Is this significant - or irrelevant? Bermuda?

I’m mindful of the discovery process for Moditope and the enforced “radio silence” that followed the discovery whilst patents were approved.

From the RNS:

“ Genmab has been granted the exclusive right to develop and commercialise the Scancell antibody in multiple novel potential therapeutic products for any and all potential disease areas, excluding cell therapy applications.”

I thought this exclusion included ADCs?

Conference.....

https://www.linkedin.com/posts/scancell-limited_biotech-cancervaccine-event-activity-7237428965294952448-g5b-?utm_source=share&utm_medium=member_android

Matt and other unreasonably-impatient holders need to remember there are still three full weeks left in Q3 and only then do we start Q4.

Castigating management for not delivering news on time before the relevant time has elapsed merely makes people look stupid..

Those confused by the last couple of announcements will find the answer here:

https://www.pappers.fr/dirigeant/petra_fischer_1952-08

The Maugein estate has been administered by her brother, so the moves in holdings are clearly IHT-related.

I also got the impression that a more substantial deal might result from the exclusive assessment. Sounds as if they had potential multiple applications.

Other than that, I couldn’t understand why Lindy did the interview - being interviewed by The Wursels might have elicited more interesting stuff on the science…..

Tosh, Crusty. That modest sale will already have been placed. Is there more behind it? Possibly - but also very possibly not.

The buyer won’t have “gone away” (except perhaps on vacation)……simply stepping out over a week or two that offers low liquidity and a low chance of material news. Next week is a whole different ball game, I think…..

As this morning’s RNS illustrates, Scancell’s “novel approach” is well on its way to a leadership position in cancer vaccine discussions. I hope Wes Streeting is paying close attention.

Bermuda,

Yes I think a cash sale is the most likely scenario. Of course, in theory, taking the assets through randomised trials etc might be value-maximising…..but time is pressing for all sides and I suspect that potential acquirers will want to get control and accelerate as fast as possible, both for their own licensing reasons and also for competitive reasons.

This is a fast-moving segment of the market - and leadership is very important.

The differences between platforms is a risk-reduction feature for a buyer.

Bermuda,

Fully accept that an early deal would be at a lower valuation. That is one of the drivers from an acquirer standpoint. But I don’t agree that it would be back-end loaded - indeed I’d be certain that the competitive situation between major pharmas (and the control that Vulpes and Redmile have) will mean that a clean, whole company, cash deal is the most likely deal form.

Doubling is a material change. What is their share of the Indian market now?

Bermuda,

Whilst I agree that big pharma are usually prepared to wait, I feel the dynamics here (both on the buy side and the sell side) may point to an earlier deal.

Time is of the essence to maximise competitive advantage - and there can be little doubt that a major could accelerate development of Scancell’s portfolio given the resources to put multiple products through large trials.

For context

https://www.nrru.org/post/assessment-of-fucosylgm1-expression-in-small-cell-lung-carcinoma-via-antibody-sc134-binding

Clinical trials soon?