Member Info for Ghia

Gunto - Perhaps you should learn to read and understand the content of what is being said before commenting.

At no point have I said the attempt was to buy the company outright. That is your own Chinese whispers

Rather there was an offer of support for dilution directly after the P3.

At a significantly higher price to what the share price is at today.

Go figure why the resolutions got adjusted at the previous AGM .

Tommy - I have no issue with people speculating but 18months is no worse a prediction that significantly less than 12months.

Because neither is based on fact.

My vote is around the 12month mark.

Alpha - Your entitled to your opinion on that.

My bet is they will use Universal data to time the start of the trial.

Pointless trialing at a period where the available patient pool is weak in terms of numbers and severity.

I expect the optimum time from a quality and volume of patient perspective would be February. So you want your trial live beginning of next year.

Tommy - If you want to split hairs it’s officially closer to 6 than 5.

As it starts on the 22nd December.

Alpha - Be careful the company has very purposefully not stated a time period for completion.

They’ve indicated when they plan to commence with no indication of how long they intend each trial to take or how long they will require to analyse the data.

Your statement that they are likely to take less than 12months to complete is baseless and exactly the type of comments that fuels expectation.

In 6months time people will be claiming the board promised data by X date which they have not and will not do.

If they had certainty they would have results to share in the next 12months they would have put that in writing, understandably they can’t promise that due to many factors.

They aren’t even planning to start these trials for 6-9months so data within 12months is an ask.

Dunk - The consortium a mix of private individuals, charities and investment vehicles had at its disposal in excess of £100mil.

No formal offer was ever made as the advance was rebuffed.

The idea at the time was to fund any desire to double down and go again but with increased numbers. With hindsight if this had gone ahead it would have taken an incredibly long time to complete given what we now know about the numbers.

The new trajectory of travel is a sensible course of action for the company but you could perhaps wish that the 6months of dither hadn’t happened.

But also the sensible time to run these sample sets is February so not sure the dither really interrupted the flow here in the big picture.

Gunto - No one at the AGM from an official company source would have been in a position to make those statements if they did that is seriously flaunting market rules, and it should be reported to the relevant authorities.

Unfortunately you are being fed Chinese whispers built on hope.

However it doesn’t take a super sleuth to see that Janseen are in a prime position to evaluate what we have. No one will make a move until after Universal reads out and the targeted studies generate data.

Do you think we will have targeted data by the next AGM? I think it will be touch and go.

Gunto - You don’t do a deal from the position of weakness. So your BP and my VC prediction is a long way off.

In the meantime the company has to survive.

Be realistic on when these open label studies will deliver data and do the sums.

A loss making aim listed company running out of cash is a sitting duck with or without data. The type of data these studies will generate will not drive the blockbuster deal you are looking for.

They could however provide a lifeline for survival and entice money waiting in the wings to back the horse again.

Gunto - More likely in the hands of VC who will sell to BP and not for 12+ months.

Dropped in to see what was going on and simply cannot believe the posting here:

-Obvious Trolls

-and equivalent of an AA support group trying to reassure each other the loss is ok and just sit tight.

The same is happening again a neutral AGM is slowly being spun and ramped.

My advise walk away and save your time posting here.

Cut it loose for at least 6months and buy back in on a dip if you really cannot let the journey end.

You could easily be sitting in next years AGM discussing very similar challenges.

Dilution is coming before the next push to commercialisation you won’t be rewarded for sitting on your hands. So either build funds to neutralise the dilution or get out and get a better entry.

Sorry for those that averaged down and got burnt again but averaging down is always a huge risk.

But seriously people take a break and enjoy the sunshine.

Waiteoxford -

To get a statistically significant result in the gen pop would require 1000’s of patients that’s a sizeable trial multi year. At peak covid the trial would have been smaller they almost moved rapidly enough but fell short.

They are now rolling the dice with the available funds they have. Target groups who fare particularly badly to find a stronger signal.

These groups will be based on the initial findings of universal. IMO. They will have access to this data already.

If they can find a strong signal then this will allow a targeted P3 to be designed which would not require huge numbers but would still take a significant amount of time to complete.

It all depends on the size of the target market and strength of signal.

If the opportunity is good enough we will JV and that’s where the funding comes from.

We are now travelling down the route of a very targeted drug, targeted to population rather than virus. High ticket price lower volume.

Immunocompromised cancer patients would be a good place to start.

Prof - If you could hit 5% a day why have you not retired already?

SeaBoy - 1p options are issued under long term insentive plans. LTIPS

These always come with measurable share price performance criteria.

From the RNS “ The Options are issued under the Company's Long Term Incentive Plan and are exercisable up to 4 July 2032, subject to the achievement of appropriate performance criteria which match the criteria for the 2021 award as set out on page 24 of the 2021 annual report.”

Having digested the forward looking statements my interpretation is:

- Several probably open label studies will be executed in targeted sub groups.
- Data from universal combined with the outcomes of these studies will inform if there is a commercial case for SNG001
- If point 2 is positive larger P3 joint funded by BP.

This I believe is RM’s exit strategy.

If he wants to cash in his 1p options he has to hit the earn out clause directly linked to share price performance a factor people seem to forget when they moan about Director options.

Fruits - I never said it was a consortium of private investors from here. You’ve told yourself that.

If you read my original comments about attending the AGM I attended with an institution.

Tommy - To quote you

“It’s frustrating that even after todays RNS I have at best a fuzzy understanding of what the company is now doing until we see more details about these studies and even more frustrating that it’s taken this long for a go it alone solution that doesn’t involve complex negotiations with a partner holding everything up.”

So is it clear or not clear?

Can you really say with the information available to us that it is clear?

Honestly IMO no.

When we get more details on the studies it might all drop into place.

Equally it might be a big disappointment.

The studies might result in disappointing data. Etc etc

Right now we just don’t have enough to go on.

Hopefully clarity arrives soon.

Tommy - Those statements are not different in fact they have the identical meaning.

If SNG turned around and said we have a P3 trial we want to run and we need X funds and we have the backing of government agencies to expedite approval on the right signals, there is significant cash waiting for that signalling from the company.

Read todays forward looking statement and that is not what they are saying.

It reads like they are planning smaller probing studies to evaluate how to focus the next large scale trial.

I might be wrong in this but it’s certainly an area I’d like more clarity on.

Right now we simply do not have a great deal of clarity on direction.

I have not once said that funds would be hard to find once clarity is found.

I do think we are some way off getting clarity though.

As you yourself confessed earlier we don’t seem to have found direction in the past 10months.

Fruits - If you look back at my posts from the AGM you’ll notice I started to discuss this only to receive such abuse from Mani that there was little point continuing.

The article resolution at the AGM was not as simple as what was put forth by posters here at the time.

We put feelers out in the usual fashion but the door was closed.

Our intention was to express that there was support and money on the table for a raise our preference would have been to open to all share holders. But we could significantly underwrite the book.

We lobbied for the resolution change to guard ourselves against dilution suspecting TFG may have ideas.

But there was very little resistance to this request which suggests TFG also wanted such safe guards.

All the communication as far as I am aware was from our broker to the company brokers. I have never spoken directly to RM but a member of the consortium has in the past although unrelated to this proposal.

My assumption back then that something was on the table was based on the turnout at the agm. However the RNS reporting Flic’s appointment to the board cleared up why she was in attendance. Our joining of the dots was off on that one.

My comments earlier reflect my current view they are in a tough situation and it’s not clear how to move forward. The environment has changed in the past 10months.

Doc83 - Just spotted your post.

What I would have liked to have seen was immediately after the P3 the board really backing their guns and going to market for the funds to re-run an optimised version of the trial.

I think many would have backed it.

Instead our fate has been left to the whims of others.

It is likely they have received false promises etc along the way and now the share price is at a point that a raise is unfavourable.

But that’s all hindsight.

FYI I was part of a consortium of investors that offered funds for this very reason prior to the AGM but it was rebuffed.

Clearly a deal they had at the time never followed through I suspect they have been caught out by the withdrawal of funding from many covid specific operations.

Their position now is complex I don’t think there is an obvious route forward which is why it seems very fuzzy. Clearly they are casting the net wide to try and latch onto a strong signal. It’s very much the data gathering stage again, it will be interesting how much UNIVERSAL can help with that.

My only hesitation is does the board have a tendency to enjoy data too much. Are they treading the cautious route instead of challenging the authorities with what they have.

I suspect they simply do it have the clout to move the lines in the sand. Would an AZN have been able to achieve an EUA with the data already collected? Possibly.

Anyway I’ll continue to follow the journey here.

SNG have a set of very good technical minds but their commercialisation strategy leaves much to be desired.

The company is now very much back in scientific investigation mode 4+ years to line of sight of a chance of approval.

No point in discussing what could have been.