Member Info for Hulver

Research, homework - or perhaps he has connections to, and therefore knows the circumstances of, one of the three patients so far.

I thought initially that his was a very bold investment considering the circumstances.

So this is the bulk of the £1.80 warrants exercised in December. There were some other £1.80 warrantholder(s) that exercised in December though, but presumably those remain under the notification threshold.

Confirmation that the shares from the bulk of those warrant exercise have been - and chances are that the other warrantholders exercising at this point may also have been related.

Socialist, not only that, they've gone from a strategy (a couple of years ago) when they took on the new lab premises of saying that they expected significant expansion in people and business over the next three years to cutting staff by 50%+, just after an AGM where everything was described as being 'very good' - wasn't there also a party interested in CBR - allegedly? No new board or senior management appointments to run the company, still attending conferences - does that suggest that the exit route has to be via a sale, has this past year all been preparation for an acquiror that was introduced by MDA (remember the switch from UPenn to MDA was out of the blue a 'MDA's' request) - and if so is it certain products or the whole. Certainly the former expected significant gradual expansion route seems to be long gone now since there is not a management or personnel, other than the bare bones again. The mice?

I came across this article on an AML Car-T trial at MSK written in Aug 2025.

https://www.mskcc.org/news/pilot-study-shows-new-type-of-car-cells-successfully-target-aml

The headline claims success, but in the detail it reports that "Three of the five patients in the pilot study responded to the treatment, meaning the CAR T cells effectively eradicated the AML cells in their bodies. Unfortunately, all five patients later died from the long-term complications of their previous AML treatments, including infections, or from disease relapse. "

Are Hemo experiencing similar with their trial - given that all trial patients have to have exhausted all other treatments? It is unlikely that Hemo's trial patients were in a much better state of health than those in the MSK trial. Patient 3 required special permission and we were informed seemed to have had a complete response (under normal testing procedures).

If any of Hemo's first three trial patients are remaining alive still - where does that put HG-CT-1 and Hemo? When will we find out?

Something must have triggered the Variation Shares to be issued now. A n element of progress relevant to the initial requirement for the Deed of Variation to be put in place.

So what news is coming next?

Does seem strange to have invested corporate entity monies in this.

Are they still trading companies?

Different angle of thought? - connections to one of the three treated so far??

I'm thinking it could be a stepping stone to fund HG-GT-1 clinical trial to a further milestone where the outright sale price would be significantly higher.

At the same time there would be income from Estonia that would be Hemo's income stream to fund other working capital and progressing CBR. However yes if they could get a portion of funding towards general working capital that would be better. Given the alleged alignment of CBR to what the US government agencies and various charitable foundations and are seemingly encouraging for development you would have thought that there would have been some non-dilutive funding available for CBR, but it's not materialised yet.

So what are we thinking?

Possible spin out off HG-CT-1 into a private investment vehicle, HEMO retaining majority ownership, but with new incoming institutional funding taking a percentage interest in the new vehicle. Enables the next stage, before sale at a leter date when proven. The advantage of that to Vlad is that he (Hemo) would retain control and can make sure it happens.

Not really, significant part of this was in respect of CLN issued at start of September, so surely that part of the monies were received then, £620k

The 1st September RNS stated:

"The CLNs, which are non-interest bearing, will automatically convert following an increase in the Company's headroom restrictions under the FCA's Prospectus Rules, allowing for the issuance of conversion shares without requiring an approved prospectus. This conversion is expected to take place on or after 15 November 2025."

Having said they above why have they now issued a Prospectus contradicting the wording of the earlier RNS? More HEMO games?

Looks to me like they may have lost the ability/licence to manufacture in-house when they reduced the lab team.

No one else seems to have considered this - but they did have to obtain a licence at the start, they recruited to do that, and it has to be renewed annually.

If so, we are reliant in Made getting up and running before the trial can recommence; or Estonia hospital for non-trial patients.

HG-CT-1 is showing efficacy

That's why 1, 2, 3 - all matter.

They help to start saving as many lives as possible as quickly as possible - AML sufferers have otherwise only months left.

Vander the Seer it was after yesterday's RNS:

"The next updates will be on manufacture and funding

P4 will be dosed maybe in Jan or feb 26- if no manufacture delay?"

How did he know?

Pretty sure when asked about possibility of buyers competing for CDX(?) previously (possibly AGM Q&A) Vlad stated that they would never play one off against another; so no bidding war, and therefore possibly down to the first bidder that will guarantee completion and that has principles Vlad feels he can work with.

However on several occasions he has also openly stated 'HEMO is an opportunistic company' particularly with regard to the take any funding offered which suggests he'll take a very good offer if one comes along.

I don't think the guaranteeing completion aspect can be underestimated - in the end will Vlad trust anyone to complete the job?

Therefore I suspect he will soldier on and wait and wait progressing as best he can through trials until a JV partner to his liking comes along - so that possibly falls under C.

Let's hope the delay is shorter than has been inferred, but that would be a first. It is not good news for those in the queue at MDA today, and possibly was also a factor in the unexplained P3 delay.

Once Made are up and running on the HG-CT-1 manufacturing, hopefully things can start to move forward on all fronts again and with all product candidates in parallel and we can make up the ground in 2026.

Why do they need to wait until Made can do the manufacturing?

What has changed from before when they did the manufacturing in their own lab facility earlier this year?

I had wondered whether when they lost the staff did they also lose/surrender the ability/licence to be able to do their own manufacturing as they certainly had to gear up to get the licence? Caught out. I guess manufacturing timelines are now out of their control.

I guess it could be that the scientists are all over at Made?

Someone in the last few days did have make the contrarian prediction statement of Q1 for the treatment of the next patient - in the know?

Hopefully we'll get an update on CBR to fill the void.

Vlad indicated on Linkedin that he was at a bio-conference in Boston today and tomorrow (US hours).

Next Monday / Tuesday Vlad seems to be attending a conference in Boston.

Interesting report, it also includes reference to in-vivo delivery for the future. I wonder are team HEMO also working on that for HG-CT-1.

https://invivo.partners/wp-content/uploads/2025/09/cell_and_gene_position_paper.pdf

Here is the link to Vlad's pitch on CBR and Bait Biotechnology at the Boston Conference in September 2023.

https://www.youtube.com/watch?v=X8tYUMq1Oo0

If you want to know what the slides said, please see my series of posts on 3 February 2024.

That they will have more capacity in the HEMO labs once CAR-T production is outsourced.

Anyone think they are releasing the space ready for further development work on CDX and CBR? Though they did seem to be offering it for third party use.

If so, seems a shame to have cut the team this summer.

"As u can see from previous post now autologous treatments are becoming yesterday's tech already."

To me that's a very strange interpretation that Aldebaran made of that linkedin post - I took almost exactly the opposite - that autologous CAR-T will become mainstream (the delivery method may change/improve that's all, and with it the cost reduces). The question mark they had was whether the efficacy will be compromised with the future delivery method.

That's the way science has always worked - innovations get cheaper and cheaper and become the main market.

why should things change now?