Member Info for HotblackDesiato

Yes Celtic, I agree that there're are probably enough shareholders who would help fund P2a trials if needed but I'm guessing the BoD would use that option as a last resort. A multi-million upfront payment from a partner would see 1801 & 1802 progressing and it would defuse all the current market uncertainty.

It would be good if the BoD could confirm that the 1801 data is now unblinded though not sure if the clinic first has to notify all volunteers as to whether they got the placebo or not. It'd also be good to confirm why Tim has moved sideways - maybe he considers all the hard work is done and it's time to take some of the pressure off? Plus it paves the way for Parker to roll his sleeves up and show us what he can do with exec powers.

Hi Oracle - to be honest I don't know if we really need a CEO as such now that Parker has executive powers. Surely between the Exec Director & COO they should be able to cover all bases?

Since we have no idea what's going on behind closed doors, I just hope the potential partners who said, 'show us the data' haven't told the BoD to go away until we have data from psoriasis patients.

On one hand we need a partner but on the other, big pharma won't want 1801 to slip through their fingers if it's proving to be as good as we hope it is. Very much a case of who blinks first.

I see the website has finally been updated to reflect the recent role changes however the pipeline graphic for 1801 remains stubbornly fixed.

https://sareum.com/about-us/#our-team

For info on the differences between a COO and a CEO - https://www.investopedia.com/terms/c/coo.asp

Evening Laz - I think the process of a takeover bid is slightly different to the scenarios you allude to.

The BoD may be able to rebuff a lowball offer if it's verbal:

Big Pharma - would you be interested in £100m for the whole company?

BoD - get stuffed.

Big Pharma - hmmm, righty-ho.

If it's a written offer then that's more 'official':

Big Pharma - we hereby offer £100m for the whole company.

BoD - we'll have to put it to a vote but we'll be recommending our beloved shareholders reject it.

Big Pharma - meh, we'll see.

Even if we got an official offer the share would not be suspended. If the offer was, say, £1 then the share would trade somewhere between 96 & 98p until the result of the vote was known. An sp just below the offer price would allow some to take the money and run whilst leaving whoever bought their shares to make an easy couple of percent if the deal goes through. If the offer is rejected and the sp plummets back to whatever level then the buyer is left holding shares at a high average price. Y'pays yer money and takes yer chances.

Hi Bobbler - the link below lists all current Boehringer Ingelheim cancer studies registered from the start of the year and I don't see a chk1 inhibitor being mentioned. I think if Boehringer Ingelheim were the licensee then the associated 737 RNS wouldn't have needed to make reference to, '...achieving certain commercial and material financing objectives' as BI have enough money to ensure anything they touch would be well financed.

https://clinicaltrials.gov/search?start=2024-01-01_2024-07-23&spons=Boehringer%20Ingelheim&aggFilters=status:rec%20not,studyType:int&cond=Cancer&sort=StudyFirstPostDate

So I think unfortunately that the search for the mystery company goes on.

Hi PCS - I don't think the company website will be updated any time soon. I had to poke Tim with a stick to get reference to PH as brokers removed. By the time they get round to changing the director responsibilities info and pipeline graphic, we might be renamed 'Sareum, a GSK Company'! I just hope their web monkey will finally align the pipeline progress bars with the associated text as the current offset really annoys the heck out of me.

Anyway, I feel an RNS coming on...

Thanks Superritch - as I said my memory was fuzzy but just to add:

Subscription to raise £1,000,000 to progress proprietary TYK2/JAK1 programmes into clinical development

Cambridge, UK, 9 August 2021 - Sareum Holdings plc (AIM: SAR), the specialist drug development company, announces that it has raised £1,000,000, before expenses, through a subscription by a high net worth individual (the "Subscriber") for 12,121,212 new ordinary shares of 0.025p each in the capital of the Company ("Ordinary Shares") (the "Subscription Shares") at a price of 8.25p per share (the "Subscription Price") (the "Subscription").

Under the terms of the Subscription, the new Subscriber will also be issued one and a quarter five-year warrants, exercisable at the Subscription Price, for every Subscription Share issued (the "Subscription Warrants"), which can only be exercised following the Company's closing middle market share price being above 10.25p per Ordinary Share for five consecutive days. The Subscription Price represents a discount of approximately 6.8 per cent. to the closing middle market price for Sareum shares on 6 August 2021.

and

Subscription to raise approximately £1.63 million to progress proprietary TYK2/JAK1 programmeSDC-1801 through Phase 1a clinical development

Cambridge, UK, 17 December 2021 - Sareum Holdings plc (AIM: SAR), the specialist small molecule drug development company, announces that it has raised approximately £1.63 million, before expenses, through a subscription by new and existing high net worth individuals (the "Subscribers") for 32,636,311 new ordinary shares of 0.025p each in the capital of the Company ("Ordinary Shares") (the "Subscription Shares") at a price of 5.0p per share (the "Subscription Price") (the "Subscription").

then finally

Cambridge, UK, 28 January 2022 - Sareum Holdings plc (AIM: SAR), the specialist drug development company, announces that it has issued warrants over 29,000,000 new ordinary shares of 0.025p each in the capital of the Company to individuals who provided introductory services leading to the share subscriptions announced by the Company during 2021. The warrants have an exercise price of 5p per share, with exercise being conditional on the shares having traded at or above 7p for five consecutive days, and a subscription period that ends on 31 May 2026.

Hi Jerry - didn't those original HNW investments also come with warrants? I'd have to read the terms agreed from the time but am I right in thinking their options get realigned to the price of any subsequent raise so the warrants may have initially been at, say, £2 but they are now at 10p. Even if we were offered £3 a share now, the HNWs could excercise their warrants and buy at 10p to instantly get £2.90 profit per share.

Even if their original investment is underwater, they could get an express elevator to the surface for little additional outlay. But don't quote me on this as my memory of those deals is fuzzy.

To be honest, Siennaj, I'm not sure of the whole mechanics of a T/O offer and acceptance. However I would presume that since 'we' own the company, we would have to approve any formal offer.

Clearly we all have a vague figure in our heads as to what we feel the company is worth (ignoring current sp & M/cap). If we were offered £3 per share, would you accept? I forget the exact figures but at our peak I think we were worth somewhere between £280m and £300m (approx. 65m shares and £4.50 per share?) so with 1801 so advanced, are we worth more or less than that peak value?

Some would bite your hand off for £3 a share today but others may see our ultimate value at multiples of that. That's where any vote would be the deciding factor. The recent action taken by our wealthy chums displayed a clear desire to ensure the company survives. If the BoD were to put it to us that offers have significantly undervalued the company and they are 100% confident that 1801 would be class-leading in P2a trials then I don't think another raise would be viewed so negatively. Though I expect some here will whine and moan no matter what.

You pays yer money and takes yer chances.

Hi Siennaj - Tim & Stephen have often referred to talks with interested parties so you'd presume Tim can cover the science part of any discussion and Stephen can use his business experience to reach beyond the science element.

Things would get interesting if we got an RNS stating we've had a formal T/O offer but the board recommend we vote not to accept it. We live in interesting times.

Yeah, B-B. Tim will know his limitations and this is where he's told Parker it's time to step up and show us what he can do. Tim and John are top-notch scientists but we now need someone with knowledge of the commercial side to go toe-to-toe with pharma dealmakers.

Hi Mayhem - it could be it was Tim's intention to step aside around now no matter what the situation is/was. Perhaps things are dovetailing nicely for him - his age, 1801 trial data almost complete, possibly lots of big pharma interest to either on-license or T/O.

We may have one pharma wanting an on-license and another wanting the whole company. No sense getting a new CEO until the dust settles and we know where we stand.

I'm leaning more towards a takeover as it'd be a strange situation to on-license with the new partner installing someone as the CEO too.

Question is, if offered a single T/O amount it would now have to be more than what we were worth at our peak even with the 'covid mania' bonus that all biotechs experienced.

Hi SOG - not sure if you've seen the Deucravacitinib outcome measures updated on 12/7/24 - https://clinicaltrials.gov/study/NCT04613518?tab=history&a=33#results-outcome-measures-card

Some light bedtime reading for you!

Lsesar - as far as I'm aware psoriasis patients don't enter the trial until stage 4 i.e. P1b (which we haven't reached as we appear to be skipping that and heading for P2a where psoriasis patients will be recruited.)

Https://www.anzctr.org.au/Trial/Registration/TrialReview.aspx?id=385555&isReview=true

79 participants in total and last data collected 21/6/24.

"When a 1 minute scroll through your posts shows way more opinion than fact."

Comedy gold, Potnak. Not sure if a 1 minute scroll through my 2000+ posts would provide a statistically valid sample population; that is in actual fact, an opinion. Two for the price of one. Don't say I'm not good to you. Either way, I am not contractually obliged to meet a specified fact-to-opinion ratio as part of my Key Performance Indicators so up your butt with a coconut.

Potnak - I know the difference between fact and opinion and if you think anything posted on an anonymous forum can dent my ego then that probably says more about you.

Enough of this tomfoolery.

If your partner is a teacher, ask them to explain semantics to you as you're wrong again.

If you recall, you stated the translational studies had not been started. I have never said they have been completed.