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https://youtu.be/pLDzECeFrJc
Professor Maclaren has had to be patient with this one too, having worked carried out pre-clinical work 15 years ago, to now having treated 2 patients so far with our hRPCs.
ReNeuron mentioned at around 14, 30 and 42 minutes.
No material reason for the decrease, similar can be seen elsewhere. Still slightly higher than this time last year around the time of the dilutive fundraise. With cash still in the bank, we're getting very close to a superb price to buy that I'd suggest doesn't give any value to exosomes.
It's not just ReNeuron that's down, so I don't think it signifies anything specific to us. As Phil has said, we have a minimum of 12 months cash.
From the progress overview shown in the interim results the most advanced exosome programme is an academic collaboration at present, so it'd be interesting to know how the next steps will be funded - I can't imagine it'll be very lucrative unless a commercial partner comes onboard.
That said, if we excluded exosomes and only had hRPC and CTX, I struggle to believe the value would be much different to our current value, so I still consider us to be grossly undervalued.
Looks like we've both search and found the same publication Phil. They're excited about overcoming the blood-brain barrier with a toxic dose, imagine the excitement if ReNeuron are able to cross it with a safe, controlled and therapeutically active dose of loaded exosomes.
Codiak have today released an update on their Phase I/II exoSTING trial which states there is 'evidence of tumor shrinkage in injected and non-injected tumors', and they're trading down 3.5%! So even data and clinical progress are having a tough time of it today.
'ReNeuron, IgInnovations and Swansea University's development of Exosomes towards clinical utility, known as the RISE project, is a 4 year project lead by Swansea University's RBGO group and funded by the SMARTExpertise project which is provided by the European Regional Development Fund (ERDF). Here Dr Paul Hole from one of RISE's industry partners, ReNeuron, looks at benefits of the RISE collaboration.'
https://m.youtube.com/watch?v=0FFOfTsCR7Q
An entirely muted response from Codiak shareholders. The obvious conclusion is that it offers them approximately $16mil cost reduction per year for 4 years, I suppose that's a good thing for a business not yet generating income. Wonder how our exosome manufacturing capability compares. I'd be surprised if it costs us £12mil. per year to operate.
Interesting. They do have a Chief Commercial Officer preparing for product launch so they must be confident of progress in the relative short term. https://pharmaceuticaldaily.com/jcyte-announces-expansion-of-role-for-chief-commercial-officer-samir-mody/amp/
You're not the only one. General compensation is also high.
- The maximum annual bonus that may be payable
in cash is set at 50% of base salary for the Executive Directors. Up to a further 50% of base salary may be awarded, payable in nominal price share options under the Company’s Long-Term Incentive Plan.
- The Company contribution in respect of Executive Directors is currently set at 10% of base
salary.
- A car allowance of £10,000 per annum to each Executive Director.
- The Company paid a living allowance of £47,000 to the Chief Executive Officer pertaining to the relocation of the Group to the Pencoed, South Wales site (how long ago did they relocate!).
In Olav's case, a salary of £301,000 and £154,000 bonus. When you see the size and location of their building, that seems a lot. He must really bring a lot to the table that we don't get to see. Fundraising at 70p is not one of those things.
Breached 330p around the time of the Fosun announcement iirc, I feel we would get back there rapidly if/when an exosome development deal is announced...I imagine they're already drafted. If that allows us to avoid a fundraise, we may even sustain the rise through to an hRPC update. Still very interested to know how the patients treated in PISCES III are getting on, potentially value locked up in those patients which could have a significant material impact on the SP...one way or another.
http://www.reneuron.com/wp-content/uploads/ReNeuron-Corporate-presentation-October-2021.pdf
The report only says amendments have been filed to reopen in the UK and Spain, so possibly a little out of date.
ReNeuron could RNS far more than they do. I'd have thought every little boost over the years could have put them in a better position when the time comes to fundraise, only making their jobs easier. But they seem to like the difficult route!