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Stuck around just long enough to see the share price get smashed into the floor by a second placing.

Bless!

I don't know. Given that what we've done so far is not enough and further sacrifices are required, it feels more like Professor Lockdown or Whitty himself might be on the payroll soon.

"The fact that the company has agreed that Lanstead will only start selling down the tranche ! shares after 17th February 2022 for a first payment to Nuformix after March 2022 is intriguing."

Could just be that they new this would happen and agreed a breather period for the dust to settle. It gives them a chance to get the durability results in and possible any new bods they need.

Based on recent market reaction, I think it is clear that the price is going nowhere until there is wind of a deal, so they could have waited for the durability results at least and probably still got a similar benchmark. If we did land a deal in the meantime then we probably wouldn't need the placing anyway.

The fact that they need it tells me that they are not expecting any deals to land just based on the data alone. It also tells me that the original estimate for phase 1 readiness was nonsense as we really need twice the amount. They are going to have to sell it, so Asian talks amounted to guff as well.

I share your frustration SSM.

It seems to me the priority has been to get the funding in before Xmas regardless of the impact. I wouldn't have minded if they'd have backed it up with an RNS about a new CEO or even the surprise new business development director (although I thought we were supposed to be operating some fantastic lean low-cost outsourcing model).

We were told in March that the 1.6m placing would cover costs to meet phase 1 readiness at end of 2022. Now we suddenly need the same amount again and still that might not be enough (they say 3m now!)...oh and it's mid 2023 now.

Why couldn't Oxilio have funded this. If they were insisting on capping the future royalties to 2m then they should have had to take much more risk up front. 2 × 50k payments, how is that substantial?

With 2 decent upfront payments we could have avoided this damaging placing. If they didn't want it, we could have kept it for ourselves, used this placing to get a deal for NXP002/NXP004 and then had all the money we needed to pursue an oncology indication in NXP001 at our leisure in the future.

In light of this new placing, I feel angry that that deal ever happened. It's been given away at mates rates. How have we benefitted from it at all?

...in less than a year!

66.66% loss. Sterling job!!

"Early 2022" is the officially stated durability test deadline, so I would be sceptical about it arriving in January.

They have yet to appoint a business development director, so I wouldn't expect any business development for NXP002 or NXP004 until that happens. They've probably been so busy organising the placing that they haven't had time to make any progress on that (or a replacement CEO) just yet.

Still, placing sorted so pressure off, time to organise AB's leaving do.

Merry Xmas shareholders!

I hope so OBW but from now on, for me, I'll believe it when I see it.

I'm not talking about anyone specifically Soup. There have been a few individuals who have claimed circa 6 figure salaries who seemed to have disappeared when things got tough and left a nasty dent in the sp in their wake

I have too much invested here right now and personally will not risk any more. What I have is extremely underwater and is not worth selling.

I felt really encouraged by the data results but the events of this week have a cast a big shadow over that for me. If Riddell drops news soon that moves the price at least above the benchmark then my opinion might change but so far I see no sign of that, just slipping deadlines, meaner forecasts and need for further cash.

At 10k a month this has been a gravy train for some people who have failed to deliver value at all so far. My only hope now is that at some point in the not too distant future we get an unexpected approach from someone who will take this off our hands and end this nightmare.

Johnny, it looks like we got 100k from 2 upfront payments from Oxilio which we might not have been desperate for anyway, given that they still had a million in the bank at the end of September from the first placing.

Why we had to accept a 2m GBP cap on royalties instead of a fixed percentage I will never understand. NXP001 for CINV may never see the light of day after this. OXL001 on the other hand may turn out to be an winner in oncology, which is what we should have done from the start! If it turns out to be a billion dollar blockbuster we'll get a measly 2m. I very much doubt the milestones will impress given what we've seen so far. No wonder they wanted to keep it hushed.

What worries me now is that, they have basically come out and contradicted what they said only recently about having enough money from the first placing to see us through to phase 1 readiness for NXP002. We now need a further placing for an even greater sum AND they are now saying that they need 3m GBP in total to be phase 1 and deal ready for NXP002 by mid 2023! What happened to the end of 2022?

Add to that that they are they still saying that the durability tests are due in 'early 2022' instead of end of January and I'm beginning to see alot of smoke and mirrors again.

My opinion of this board is starting change, just like their deadlines and estimates are.

Soup, tranche 1 enters the market tomorrow so I'm assuming Lanstead with be looking to start selling 5m shares a month straight away.

I thought the delay in settlement with with us was delayed in order to allow them to build up a volume weighted price over a period to gauge against the benchmark.

I also note that the fair valuation assumes a future NXP002 deal. What on earth does that mean?

Shouldn't it be linked to their ability to achieve phase 1 readiness at the end of 2022? Didn't they say it would be worth 9p then, before a deal?

It doesn't make sense

2.8p! So we're worth less now then we were without any of this data or the Oxilio deal. I'm impressed!

I thought the price might have recovered a bit once the Lanstead deal had been absorbed. Seems the price is to remain smashed thanks to 'CEO uncertainty'. I was hoping they would have had news on that primed for release between announcing the placing and tranche 1 coming online.

I guess not.

"Although the Director’s collective £25,000 investment at the March placing was rather underwhelming and only AR has added since."

It was not only underwhelming, it was discounted too and the placing was not even open to most of us. They've paid the price now but you have to wonder if they expected the price to go down any further at the time.

Unless I'm very much mistaken, I think Riddell could be the only one who has bought his holding (albeit small) at the full market price.

Could be a sensitive time Thompi. It wouldn't look great if you organise a placing which forces an exodus and price slump only to then go and fill your own boots!

A better gauge is how many institutional or big private investors have skin in the game. At these prices and with these prospects you'd have thought it possible to tempt them in without the attached strings of a placing. If we don't see some bigger buys soon then you might then wonder why.

Fair assessment OBW

The interview yesterday was very interesting I thought. I like the way AR follows up big news with an interview to explain the moves. It feels like there could be little clues in
what he says (or doesn't say) that may tell us more about what is happening.

He talked about recruiting a BD director but not a CEO. Does that mean he is taking on both chairman and CEO roles permanently or has he already found someone and they're just waiting to announce? I also found it odd that he talked about the BD role in relation to NXP002 and not really NXP004. Does that mean that there is less work to do for NXP004 than there is for NXP002? Or does it mean they have established contact with someone for NXP002 that is worthy of appointing a business development director for? Could be neither but it made me wonder. I also thought it was interesting the he mentioned not one but two indications for NXP004 when they've been so tight lipped about it until now.

Although the placing looks like it might benefit us in the long run, I can't say I felt great by its initial impact. I don't like being told in one breath that we have enough money to see us through to 2023 and then be told it wasn't enough. I feel that, when it comes to placings, this company has had to dance with the devil in the past in order to get what it needs. The discounted placing in March got us the money to progress the data but we got stiffed by the sell off. I hope it is different this time. I'm definitely aware that big/organised players use these things to get themselves a slice of the action at our expense. I hope this time it isn't too long before dedicated LTH's start to see some value added. If we stay below 2p for much longer then my faith in AR will probably start failing too.

It's a funny time now. We could be on the cusp of something great but we are also very vulnerable. If it is as promising as they say then there could still be alot of game playing and manipulation to come. Steady nerves and sound minds could be required.

Where is Allenby in all this?

Good luck all.

PS. Thanks for the compliment Filter & Thompi.

...or maybe he's just confirmed it is Lynparza

https://news.cancerresearchuk.org/2020/05/01/breast-and-ovarian-cancer-drug-effective-in-advanced-prostate-cancer/amp/

Thanks OBW,

I don't know if it was a slip but AR mentioned at the end that NXP004 has indications in breast and prostate cancer. He didn't mention ovarian cancer. Does that rule out Lynparza?

Very encouraging to hear him say that NXP002 results were "very good". He discussed hiring a Business Development director but I didn't pick up anything about a replacement CEO (or maybe I missed it).