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Interesting RNS. Surely makes sense only in the event that the company is anticipating some material news in the next couple of months?

Also worth rewatching this recent interview…..and particularly mulling the last few minutes of it…..

https://www.youtube.com/watch?v=nWUUWSSEv-s

I think we are on the cusp of a valuable major breakthrough being demonstrable….

No. That market is totally irrelevant.

The Mail’s article has been the topic of a number of repostings on Linked-In eg https://www.linkedin.com/feed/update/urn:li:activity:7217446186364874752/

This particular reposting is particularly interesting as it concludes with comments I suspect we can all endorse! 👇👇

The timing is particularly relevant given the renewed boost to science and innovation which is much needed for our sector. Connecting this to the The Association of the British Pharmaceutical Industry (ABPI) manifesto for investment, health and growth, which has three asks for the new UK government:

1. Strengthen the development, regulation and adoption journey for new medicines and vaccines, making the UK a beacon for global research investment.

2. Work with industry as a partner to drive better health, investing in medicines and vaccines to improve prevention and health equity and deliver a sustainable NHS.

3. Equip industry with the tools to drive UK economic growth, safeguarding intellectual property, removing trade barriers and incentivising advanced medicines manufacturing and skills development.

I am hopeful that pioneering biotech like Scancell will be recognised and supported to allow them the best chance of delivering impactful translational science in the clinic and make a real difference to patients.

Eh?

I’d just note that the relationship with Redmile has moved from being non-existent four years ago to being much closer and more aligned. There is also much more clarity on strategic options for the company and also on the monetisation timeframe. Restrictions appropriate to an arms-length relationship can therefore be dropped, as all sides are on the same page.

Several of those mentioned were taken over at big premia.

Of course it isn’t a panacea - but it is definitely a deeper pool of capital and, as ever, goos companies with good stories will do well.

Much also depends on the circumstances of the listing, by the way. eg is there a newco IPO or simply a parallel listing…..

One was in pounds and one was in shares. Virtually the same.

Quite a coincidence of timing and size if he didn’t…….🤔

Re “meat on the bones”, I think any announcement is likely to be at or very shortly before the point at which they are ready to announce an update on the trial results. I wouldn’t expect that to occur in the next six weeks (due to the holiday period) but sometime in September or October would seem highly likely, perhaps at the point when the AGM notice is published?

I wonder what would happen to the share price if the company were to actually announce a strategic review, including a possible sale?

Whether they announce it or not, I am in no doubt that this is effectively what will be happening over the next few months…..

I also wonder whether Vulpes will update last year’s research piece.

FWIW (i.e. nothing!) I think the share price should be at least double its current level, based on what is already known.

In my view, Redmile would have had the option of a board seat from at least the time of the second fundraise in 2020. I can’t think of a situation where a holder of 29%+ wouldn’t demand and receive that.

I think the point of having Redmile on the board at this point is very simple: The company faces some massively-important (positive!!!) strategic decisions:

Does it self-develop? Does it sell part of its portfolio to fund that development or does it eg merge with another complementary company and list/fundraise on NASDAQ? Or does it sell out completely?

The Board now speaks for over 50% of the shares - and we need them to make to optimal choice to maximise shareholder value.

Looks like Brad may now be 18%?

Very good rhetorical Q there, violindog.

My impression is that events (conferences, trial updates, board changes, press coverage) are all being carefully coordinated. There has been relative silence, so far, on the trial outcomes - but plenty of action teeing up for that news.

Lindy’s recent interview gave a clear pointer….

Quite so, Chester.

One further point is that Redmile will probably have a much better continual overview of the deal options involving US companies, both public and private. That might particularly be the case re the fit for any whole company deals?

Yes, Chester. Selling a platform and using the cash to add substantial value to the rest of the portfolio is, I suspect, a strong possibility. But there are a range of alternatives for the way forward - and picking the right one is key.

……but they should all be worth a lot more than the current share price.

What is clear is the Redmile and Vulpes are BOTH focused on only one thing: raising shareholder value to maximise their returns.

From our perspective, the fact that both are now fully-engaged on that is very positive and, as Burble suggests, there may be an endgame angle to it. I think a rerating is now close at hand and that the options for value realisation will emerge shortly thereafter.

Of course it might also be that there are more immediate considerations - such as a bid approach being expected. But we’ll see.

Hi Crusty,

Hope all is well with you?

I recently topped up myself.

I agree completely with miavoce.