Member Info for grizzlyb

Indeed mol

What's the difference between this excerpt from April 2019 and today's RNS? (besides a few years)

'Under the terms of the Agreement, Fosun Pharma will fully fund the development of ReNeuron's CTX and hRPC cell therapy programmes in China, including clinical development and subsequent commercialisation activities. Fosun Pharma has also been granted rights to manufacture the licensed products in China.

ReNeuron will receive £6.0 million (US$7.9 million) on entering into the Agreement, up to £6.0 million (US$7.9 million) in near-term operational milestones and up to £8.0 million (US$10.5 million) in future regulatory milestone payments. In addition, post-launch profit threshold milestone payments are due at a rate of 5% of annual net profits derived from the licensed products in the year the relevant net profit milestones are exceeded, leading to total estimated milestone payments of £80.0 million (US$104.8 million) provided all milestones and profit thresholds are successfully met.

ReNeuron will also receive tiered royalties at rates between 12% and 14% on sales of the licensed products in the Chinese market. The Company will be responsible for supplying CTX and hRPC cells to Fosun until technical transfer activities have been completed.'

I was somewhat surprised to see on LinkedIn a few months ago that Randolph Corteling had moved across to Evox, so to see he's returned is a delight.

https://youtu.be/jeoDRXtEUY4

At around 14 minutes in; we may see something on the BBC in the new year.

Olav also has 1.5 million options so little point in him buying more on the open market. Our CFO also has nearly 500k so can't see her buying any in the market either, although half are exercisable at 94.8p, so perhaps she should fill her boots now!

Should jCyte be successful intravitreally, and ReNeuron took that route rather than sub-retinal, I presume we'd not be able to sell to the US market during jCyte's period of exclusivity.

Here's hoping that jCyte's cost of production, lacking cryopreservation, is greater than the additional cost of sub-retinal surgery.

It doesn't make any difference to the end product, but it could make a difference to how much of the business we own by the time we get there. I'd rather be diluted at £5 than £1.

However, our current valuation, inclusive of CTX, hRPC and exosomes, is around £44 million with circa £17 million in cash - jCyte's upfront payment from Santen was around £37 million! An exosome deal could come with a similar upfront payment, and I believe once hRPC progresses we're due a payment from Fosun.

We assume at least one of our programmes is going to progress by at least one stage - if it does, any payment is likely to eclipse our current market cap.

I remember a few years ago that our mcap was lower than the cash we held, an absurd situation, but I thought there must be a reason for the negativity so I didn't risk investing more, subsequently realising it was a missed opportunity. This feels like a similar situation, cash:value has improved, but progression and potential (and exosomes) are barely considered.

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.

Right Place, Right Time, Right Technology.

How could we not have confidence!

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.

https://www.morningstar.com/news/dow-jones/202111028437/lonza-to-acquire-codiak-biosciences-exosome-manufacturing-plant

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/

However, I don't know how similar companies compare.

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.