Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Hi Matt - the 2 large buys were my ISA - first went through ok then got NT for the second trade a few times before it went through.
News could come at any point now and I've averaged down to 43p so even though I couldn't take part in the WRAp I can't complain too much.
Regards.
Hi Silver - the sp decline is probably due to a variety of factors which have all compounded to where we are now:
1. 737 handed back but now subject to a fairly opaque deal with no clue what the licencee really plans.
2. Despite the MHRA fiasco being quickly switched to Oz, we don't have absolute certainty over the success of the current trial. As you know, the markets don't like uncertainty. Results = prizes.
3. RF involvement. Was there a presumption that a 737 deal would create significant upfront revenue and therefore RF looked like an acceptable short-term gamble to the BoD? That gamble didn't work out and the market saw the deal as desperation and assumed the worst.
4. Punters care about SAR, brokers don't. The MMs are ambivalent and if it benefits them to drive an sp lower in order to help a takeover then as long as they can be seen to be neutral (cough, splutter), then it's all just business.
Solid results from Oz plus jumping ahead to a P2a trial with or without a partner will send a good message that we can go it alone (for now). Plus ditching RF should work wonders.
All quite the tangled web to be honest.
Hi Silver, I don't think we have any right to see that info in much the same way a member of a building society can't just rummage through head office records. RF will have to show the BoD a clear record of what they sold and for how much etc. as part of the contract. The Edison report gave some indication of the current position but since we're not now looking for the full £5m I think it's a case of we don't have to issue more shares to make up any shortfall but we do have to repay any outstanding monies by Aug 2025. If a fat deal doesn't come along before then at least we should get some income from the 737 deal before the end of this year to finally tell RF to get stuffed.
RF have warrants but no idea if they can be cancelled on payment of x,y or z.
Morning Warthog - good to see you're feeling better!
I don't have a problem with people having multiple income streams but do wonder if we're getting value for money from Parker. Without knowing what goes on behind the scenes it's hard to say if he's working like a maniac for us, with many strong links to interested parties, or if he spends all his time at the Garrick pretending to be a mover and shaker.
I was digging for clues as to who may have 737 and searched the US gov SEC website for any mention of 'Sareum' in the last 30 days in case we're a footnote to some entry relating to a deal or whatever.
There are 2 results, both for Biodexa Pharmaceuticals Plc - https://biodexapharma.com/
So what's the connection? Step forward Stephen Parker (or 'Simon' if you open his bio) - https://biodexapharma.com/about/#board-stephen-parker
Anyway, back to the SEC doc and look at the 'Letters of Appointment' starting about halfway down page 96 - https://www.sec.gov/Archives/edgar/data/1643918/000121465924005356/d320242424b3.htm#MANAGEMENT
It states, "Dr. Parker is paid an annual fee of £82,000, plus an additional fee of £1,750 for every day in excess of 16 days worked." I'll let someone here do the maths.
It'll be interesting to see if the SAR BoD announce what their reduced renumeration is in light of our recent financial concerns.
Footnote: if the typo refering to Stephen as 'Simon Parker' gets corrected in the next week, is it because someone over there discovered the error by chance or because our BoD read this forum?!
Evening SOG - whilst we've both mentioned AZD1775 previously, I can't find a link between AstraZeneca (or Merck) and any privately owned US biopharma so I don't think we'll be seeing a SAR/AZ deal any time soon (more's the pity).
https://delta.larvol.com/Products/?ProductId=326ab820-1f70-446a-a97a-a9e6d947e352&Index=0
Perhaps the BoD are hoping that RF have gone to the wall by Aug 2025. It'd be a fitting end.
You'd certainly hope Clive Birch knows precisely where we stand re who owes what and when. He should now be advising T&J whether or not to utilise the excess WRAP monies to pay them off or press on with 1802.
As you'll know, Sierra applied for a number of 737-related patents but the IP was to be handed over when they returned 737. The list below was collated from the Google Patents site. It shows the patent & current assignee - make of it what you will:
Publication number: 20230150994 - Methods for synthesis of chk1 inhibitors - Sierra Oncology Inc
Publication number: 20200397796 - Methods of treatment of cancer comprising chk1 inhibitors - Crt Pioneer Fund Lp
Publication number: 20220184091 - Methods of Treating Cancer with Chk1 Inhibitors - MD Anderson Cancer Center/Sierra Oncology Inc
Publication number: 20210077499 - Chk1 (sra737)/parpi combination methods of inhibiting tumor growth - Crt Pioneer Fund Lp
Publication number: 11596637 - CHK1 (SRA737)/PARPi combination methods of inhibiting tumor growth - Crt Pioneer Fund Lp
Publication number: 20220226338 - Methods of Treating Cancer Using CHK1 Inhibitors - Crt Pioneer Fund Lp
Hi SOG - the recent RNS notes, "The goal of the proposed Phase 2a trial would be to recruit up to 24 psoriasis patients..."
Regards.
When I got SC clearance I was amazed I could remember the answers to some of the questions! I feel sorry for whoever had to look through my internet search history!
Which company? If you mean RiverFort then probably.
My apologies to other posters, my interaction with the little prince will end here.
Puma - That’s very simplistic. Based on your logic, you expect the 9.5m shares to be sold off at a loss?
On a different topic, do you have the word 'slave' written on your cheek as a tribute to the short purple one?
Thanks for the reply, Potnak. That would be some hike from 10.5p today to 20/30p on Monday if it happens.
Cobalt - the 9.5m shares cost 10p each. Would you look to sell them to punters for more or less than 10p?!?
I'm just wondering what might happen on Monday when people start loading up their ISAs. If the 9.5m placing shares are newly available from Friday, will we see a large spread next week if MMs hike the ask price but keep the bid low e.g. 13p+ to buy but 10p to sell?
Would appreciate any thoughts on this.
Hi Damion, a poster here beat Edison to the punch on that point too. Someone posted at the end of Dec that the Nucleus Network were still recruiting and posted again when the advert no longer appeared on their site.
I can't think who it was.........
;-)
Meh, for £60k a year it looks like Edison just collated what a few posters here give out for free.
The Equity Raise RNS states that the new shares will be admitted, "...by 8.00 a.m. on 5 April 2024 (or such later time as the Company and Hybridan LLP may agree, being not later than 8.30 a.m. on 30 April 2024)."
So it looks like the BoD could still have nearly the whole month to decide on what to do with the proceeds before they have to issue an RNS saying if they're keeping the full £2.2m or reducing the number of placing shares (circa 9.5m) in order to go with the original £1.5m that they intended.
What I don't want to see is them taking the full £2.2m and quietly increasing their salaries back to pre-raise levels.
Hi Laz - not sure I agree with your 'once bitten twice shy' approach (though I do understand it). The world changes and there may be many reasons why it could make sense to approach the MHRA again. If they've sorted their internal processes out and made it easier for compounds with no MTD to progress, ignoring this option might be akin to cutting off your nose to spite your face. JR may grind his teeth at the thought of dealing with the MHRA again but now we'll have P1a data that they can't dispute.
Just to add, if the BoD just need £1.5 then I don't see why they can't reduce the 9.5m placing shares to around 2m in order to reduce dilution.
No doubt they are huddled in their shed wondering how to use the funds - take the full £2.2m now and full steam ahead or settle on £1.5m and see what the future holds re partners/licencing.
Morning SOG - The way I read it, they've managed to raise:
A) 9,550,000 shares via a placing = £955,000
B) 2,255,000 shares via HNWs = £225,500
C) 3,000,000 shares via WRAP = £300,000
Total: 14,805,000 shares for £1,480,500 raised (ignoring advisor fees/shares & shares in lieu of historic director salaries)
However the WRAP was increased so:
D) 11,189,733 shares via the WRAP = £1,118,973
(this includes 195,000 shares via Director WRAP = £19,500)
Therefore I think the total raised is A+B+D = £2,299,473
Surely enough to get P2a on the road and hopefully get the 1802 translational studies completed.
Question is, will we see anyone submit a TR1?