Member Info for Hemo

Thanks Ivy, blimey 3-4 years that’s a long time! I thought they were starting in H1 2018?

Flipper I love your posts and find them very insightful and helpful but I must take (constructive) exception to your regular comments along the lines of 'Further issuing of warrants ultimately is just selling the company on the cheap' I hold a large stake here but the reality is the company is worthless without TF's support and to a lesser extent a settlement with Illumina and the help of the judge in the litigation. If TF decides to walk away, which I accept is on balance unlikely, we are worthless. We use their instruments, their resources and their funding. If our destiny was in our own hands I accept this price would be cheap but it is not and therefore I can't understand that a price of say 10-15p would be too cheap. To be honest we would probably be lucky to get this now. They hold all the cards.

Ivy can you confirm what I think I read in the corporate presentation, that the phase 2 results for HABP/VABP were fantastic compared with the incumbent drugs? Although a smaller opportunity than ABSSSI this seems very promising, or is it just simply too early? Thanks

I believe it too. I know this is business but I believe that TF has a moral and ethical obligation to sort this out for the benefit of the company and shareholders. It could have been very different if it wasn’t for their instruction not to settle and it certainly wasn’t in the best interests of the company, which directors are supposed to act in and therefore they have failed because of pressure from TF.

Where did you get the dates from please? Why has there not been an RNS about this? Does anyone know how long it will take to reach a decision on costs, appeal etc? I hope it's not another four month wait!

Yes, interesting find and just to make it explicit, at face value and without knowing the read-across to us, it seems very encouraging that TF and Illumina are working together and shows it can be done when there is mutual commercial benefit. Hopefully they will agree to do the same with us.

Right I put in for another 100,000 shares today, bringing my average down to 18p, the same as the FD! I'm hanging my hat on TF continuing to support us because we are so interconnected now, and their feeling they owe us something because I'm convinced they are the main driver for us not settling and getting us into this mess. Come on NIPT!

Yes gold platinum and copper prices are all doing fine so there are reasons to be optimistic. Forgive me but can you tell me how we know there are three interested parties? I would be happy to take $10m for Mankayan right now but that is what it was worth under the tax proposals put forward that scuppered the deal in the first place. Do we know if the tax proposals are more favourable now or is it just the case that the Philippines mining authority is no longer seeking to shut us down?

Not pointless at all because it illustrates the mess we are in because of incompetent management and highlights the ongoing risk to our investment.

How do you know that? I see no evidence. At the very least it doesn't look good when the payment was supposed to be made on or before 5 December 2017 and then we have a cash crunch and make the payment nearly a month late. I presume the asset holder could have cancelled the agreement, which would really have screwed us up.

I can't understand the positive reaction to the RNS? Unless the market thought there was a chance we wouldn't be able to make this option payment that we have known about for months? The fundraising back in October was supposed to cover this second option payment. It just shows how poorly managed this company has been that they have had to use a further highly dilutive equity issue to pay for something they have already raised funds for! They have overreached themselves and put us in mortal danger. And the payment was supposed to be made in December so they are late. And it probably means we have less cash than we thought because $200k of the $550k has gone on this option payment. Why has nobody's head rolled?

It seems there could well be a resolution to the long-running saga this month. Given the form of order hearing scheduled for the end of the month as flipper has said we will know if a settlement is possible with Illumina. If not and there are significant costs and damages awarded against us and we have to withdraw from the UK market we will know how much money we need from TF to pay the bills and we move on, or they buy us out. Or will the amount we need to pay mean excessive dilution or we go under? I can't see an appeal granted unless there has been a failure of legal process or the judge has made a serious mistake. So the question is can it go any lower given the potential outcomes and at what price do you continue to average down? Twix/flipper, how long will you continue to average down and at what price? I am really struggling because I want to average down but I have been bitten too many times! My average is just under 20p!

Sorry I meant EU not UK! And I meant I don’t believe what AR is purported to have said about £2m costs and damages.

Agreed bakky I hope you are right but it all seems a bit flaky to me and just a response to the litigation. When I referred to the EU litigation, sorry I meant the fact that illumina could soon choose to defend its patents in the UK - I think you mentioned France?

I don't believe AR, he reminds me of a spiv. What about the potential EU litigation as you mentioned previously?

I would love that opportunity on the basis of sound evidence that further investment is justified and recoverable but I doubt we will ever have that opportunity on the grounds raising funds from PIs is too time-consuming and inefficient. Would love to be proved wrong though.

Yes I think some were at this level when Premaitha reversed into Vialogy but no doubt the directors have massaged these down in the light of subsequent events.

I'm not convinced about the EU route myself and in the light of the recent adverse judgment the anti-competitive argument sounds hollow to me. Looking at this objectively Illumina is not being anti-competitive, they are just defending a valid patent that we are infringing and which they have heavily invested in and have a right to uphold, or why get the patent in the first place? I'm sure Prem can get more funding from TF but who knows how much more they will need, what the terms will be and how much this will cost in terms of dilution? There is just so much uncertainty around the legal process with Illumina and in the light of the adverse judgment I just feel we now need to settle.

I notice LabCorp paid $2.40 for Sequenom, which was trading at $0.85 the day before the bid. Apply the same broad logic to Premaitha and you get to just over 14p a share. I guess the directors wouldn't be happy though because many of their options would be under water?

I would also like to know what the grounds for appeal is. We can't appeal because we believe the judge got it wrong but only if there are proper legal grounds like a failure to follow procedure or the judge made a serious mistake. I know they won't tell us the grounds of the appeal but I trust there are proper grounds and this is not just bluster. Then again I guess it could be just a negotiating ploy to settle with Illumina. I notice we have not provided anything for the costs of the appeal, damages and Illumina's legal costs. Perhaps because we think a deal will be done? I really hope so.