Member Info for hamila01

Agreed, Morri940. By seeing the whites of Tim's eyes we'll see if he's being genuinely sincere about a deal for P140 coming or not.....

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My big concern (apart from Tim not answering the hard questions and dishing out platitudes) is that the questions will be focused on commercial and shareholder value and not the science.

Can’t see Dr Goudreau or Tim Franklin needing to say too much tomorrow…..

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Wigwammer - was going to challenge that and say that large investors could buy below 6p. But on reflection, it’s a quick and easy way to secure shares albeit at a premium to the current share price (at time of writing).

It’ll be interesting to see how much is taken up by WRAP. I hope it’s fully subscribed but none of us are of us are likely to be taking up the offer.

On a different topic, if you’ve not registered and submitted questions, do so quickly! The more questions on broadly the same topics will send the message through that retail shareholders are not happy. Whether things change for the better is another matter but if people don’t say anything they also can’t complain….

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MBuski - You’ve explained it more succinctly than I did earlier. Perhaps Kapiglucagon is that cover/excuse for securing funds prior to the May deadline.

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Jen - ‘ But think most of us now know there actually wasn't ever any interest in P140 other than Tim and Sebastians over excitement of this treatment.’

That’s quite an assumption you’re making there. Tim would be digging a massive legal hole for himself if he was misleading shareholders in such a blatant way…..

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Dunk - ‘Too much of a risk , otherwise , for big pharma’.

Big pharma do buy prospects at phase 1 and phase 2 as well, not just 100% nailed on certainties. And they’ll do that because they’re convinced by the data in front of them.

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The thing I'm struggling with is why raise £6m for Kapiglucagon when a potential deal for P140 would provide the funds to progress it.

Perhaps (massive speculation on my part) asking for £6m to strengthen IMM's balance sheet prior to May was considered incredibly unpalatable whilst P140 discussions are happening vs. asking for £6m to develop Kapiglucagon just being unpalatable.

Both approaches would be unacceptable to retail shareholders. However, with using Kapiglucagon as the reason, shareholders might think they're at least getting a potential return for the dilution. But if IMM go cap in hand and say they need £6m to resolve the May timescale then shareholders would really be p***ed and the share price trashed even more than it already is.....

IMM is too small for large institutions to get involved with and a retail share offering isn't going to raise enough so it most likely needs to be Lanstead again.

As it turns out we're all pretty annoyed again.....

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J.kemp - Big pharma are ultimately only interested in the money and if they see a profit they'll just hold their noses when dealing with Tim.

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Rookie! - Most of us would now agree that he shot his mouth off. Interesting that the extreme optimism seems to have been tempered since Ketan came on board.....

I'm guilty of blind optimism thinking a deal could be wrapped up for P140 quickly. Doing more research, it turns out that platform licencing deals can take 6-12 months to complete due to more due diligence, etc on more applications along with greater sums of money involved. Timescales are longer than for single asset negotiations.

But a deal will happen.

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LSBM - Really good post. However, the RNS about the Lanstead deal is just demonstrating again that Tim is not to be trusted. The believers were warned about him but we also put faith in him to deliver shareholder value. And now we find out that Lanstead appear to be dictating company strategy..... It's ultimately the optics of this that has spooked people (along with the share price decimating dilution).

Do I think a deal will happen for P140? Yes (and in 2026). Do I think Tim should remain in post? No! He's a very slick communicator but the trust is now gone for a lot of people apart from what appears to be Lanstead management.

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J.kemp - Any potential partner for P140 is buying the science not the management.

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Juxta - It's prudent if doing any type of calc on company valuation/share price to take into account any outstanding warrants, options, etc in the calculations. So prior to yesterday, I was doing may calcs on 650m shares rather than 507m.

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Like the header says, I've registered and submitted the following questions. I'm not expecting any of them to be addressed......

- In previous announcements, mention was made of discussions with a number of top 10 global pharma. The latest RNS makes no mention of this. Are discussions continuing with 1 or more top 10 global pharma?

- When Tim said that a deal would be completed in 2025, what grounds were there for such optimism considering that deals for platform drugs often take 6-12 months?

- Why in interviews does Tim never address directly the concerns of shareholders, such as the latest dilution and only supplies platitudes like 'Keep the faith'?

- Seeing how Tim communicated in the Proactive interview that Lanstead Capital approached Immupharma regarding investing, who is deciding on Immupharma strategy, the BoD or Lanstead Capital

- Despite saying that shareholder value is important to Tim, why does Immupharma keep using Lanstead Capital who have a track record of suppressing the share price by selling into the market on price rises?

- Would Immupharma be better served at this stage by a new CEO?

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First time I've ever upvoted a roger post.....

I wouldn't mind so much if Tim could at least recognise and address concerns from shareholders but he can't do that.

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And deservedly so!

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Roger - Not disagreeing with a lot of what you've said there. The AGM is going to be brutal for him.

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Tim is in for a total roasting (and deservedly so) at the AGM without a doubt. Sure there’ll be a few posters on this forum attending and asking questions as in previous years…..

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Thungelaberg - He also seemed very confident about a P140 deal in 2026.

And yes, I’m not interested in buying more shares either. There are other companies I’d rather invest in that treat the shareholders with more respect. Once I sell IMM, that’s it for me with AIM. There’s more than enough opportunities in the FTSE, S&P and Nasdaq indexes to last a lifetime.

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The only positive for me from that interview was Tim saying that the news flow would be more regular (quarterly) regarding kapiglucagon because of the accelerated FDA program. Even then that’s restricted positivity because of him using the word ‘probably’ and previous form.

What I was negative about was that if kapiglucagon is getting so much praise from the industry (and you can’t tell me that the praise has only appeared since Lanstead approached), why wasn’t the preference then for a smallish licensing deal rather than choosing to shaft shareholders again?

While it pains me to say it (as Tim has had more than enough remuneration over the years for destroying shareholder value) I’d quite like to see the BoD compensation packages shifting strongly from salary to share options. They certainly don’t have enough skin in the game for my liking at the moment so share options would certainly focus the mind. However, I don’t know how practical that would be if the BoD are in receipt of sensitive information.

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Makemoremoney - Agreed on the 250m shares if you were ignoring the 150m or so outstanding warrants, etc.

I can only speak from my own perspective but my share price calcs always assumed IMM's share count was at 650m. Hopefully others also assumed that existing warrants would be exercised.

So for me it's still a 14% dilution announced today. And still annoyed about it because it reduces the value of the deal that's going to happen.

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