Member Info for IntraVnus

Pop eye, 375k at 14.2 just now. Can’t buy a sausage

Bit unusual pricing right now. Online I can sell up to 300k at 13.8 to MM. I can also buy up to 110k at 14.89. That’s a spread over 1p or 6%. Even buying 1k is 14.89 so no discount for small size.

Obviously, Jimzi has already said it’s over 16 to buy in the grown-ups’ market above 200k.

Stupidly wide spread now.

14.89 to buy smallish size

13.75 to sell smallish size.

13.6 to sell up to 110k online.

Don’t know what’s on RSP. Jimzi will know!

Yes, Nick. Not only are Edwards wedded to the tissue based valves, but this chiefly arises as they are the world leaders in transcatheter aortic implants (TAVI or TAVR) which requires the valves to be compressible for delivery via an artery.

RUA’s material is very thin (150 microns) compared to the material in standard tissue TAVI valves so that is also an attraction alongside the claimed strength and flexibility. It is no wonder there is interest if the material itself would be biocompatible as Elasteon is.

Greeneyes, a sensible and valid caution expressed there.

Since the utterings from December 2023, the directors have felt compelled to position themselves handily with share options while the going price could be struck at a market level of 11p. This was good because it is (1) cheap, (2) equivalent to the placing price so aligns with supporters, (3) sent a signal that they expect to benefit via the future share price, making a point about the potential for a takeover and/or a capital redemption.

This was a key consideration for me to increase my holdings further since then.

100k sell set the tone, a few sheep followed it out of the gate.

Thanks Sam, good to know!

In recent months, there has been an avalanche of “stale bulls” selling up, serving really to keep the price pinned to the 11p range since last December’s mammoth equity raise at that price. There was always going to be indigestion in the marketplace after that. This is technical and failed to heed the fundamental improvements coupled with security of cash.

For those last few months, those sellers have effectively been holding a beach ball underwater. Despite all the selling pressure, the share price hardly ever went below 10p.

You know what happens when the pressure on the underwater beach ball is released? I’m hoping to witness the result!

My two pennies on that point, Popeye:

Elast-Eon has been combined with the medical textile technologies owned by RUA. The composite material has its own IP in the way it’s manufactured as well as the constituent parts. So, your idea that a well heeled major might want to avoid all the complexities of extracting what elements they are licensing by simply buying the lot out has some merit!

Some solid buy trades today though!

For info, that 150k trade was dated 1st Oct, Monday. At the time the quote was 14.5-15.5 so likely the 15p trade was a transfer between accounts for someone or MM to MM.

For months stuck in the 9p-11p range and now some are miffed after a small, light volume drift back to 13p. Personally, I’m happy with the progress. Long may it continue its jagged but upward course and avoid those destabilising spikes that attract all the day traders.

It’s not a daily game of roulette though. Also, this drop off was clearly an MM shake out, marking down on any little sell. They were still bidding at 14.1 at the close. The trend is your friend!

In the last few months, there have been multiple millions in RUA shares sold, all around 10p-12p. This during a period when the company news was, on the whole, positive.

I have put a lot of it down to boredom on the part of the people that invested in the Dec23 placing at 11p. That entailed 40M new shares being added to the 22M that were already there, so it was a negative event in dilution terms but positive as it injected vital cash liquidity into the balance sheet.

But that cannot be the whole story of why people continued to sell. I know around 1% of the float was an ill-health situation with a family selling assets but I think the rest must have been ignorance about what the company is now turning around here or a lack of patience from thrill-seekers.

The company is now putting behind it the overspending on R&D projects that had years of lead time before commercialisation, and instead focussing on expanding the profitable CM division and looking for buyouts or farm outs of the cutting edge technologies they have spent years developing, namely the heart valve material and the vascular grafts. These are the two potential game changers involving a polymer substitute (Elast-Eon) for animal byproducts which have uncertain supply chain jeopardy hanging over them and the majors that rely on those supply chains.

In parallel, the company has been cutting costs and is well on its way to break even and then profitability. The Elast-Eon projects are the cream and cherry on top should they be realised.

We all agree the underlying value is far higher than a market cap of £9M. Those that have already dumped will be sick if RUA continues its catching up exercise. I would not be surprised if some of the sellers pay double to get back in, especially if the company provides a fresh impetus in positive news. I feel that new news is a necessity to keep the momentum trundling along beyond 20p.

Seems that the well followed Myles McNulty has taken a punt:

https://x.com/mylesmcnulty/status/1841075850013217044?s=61

Christmas always turns up eventually Greeneyes! Hope this is an early one.

I see a few chaps still selling today, maintaining the philosophy of cutting profits before they get too big!

The 12.20’s are buys, the 12.00’s are sells. It’s a weak book for now.

I agree with that sentiment. The question for me has always been why would a giant like Edwards not simply buy RUA with its loose change? It won’t make a dent in their petty cash tin.

The key is getting comfort that what RUA has developed really might be the breakthrough they are looking for to develop next generation technology for prosthetic heart valves. More pertinent is the value in then keeping it away from their competitors of which there are only a handful (Abbot Labs, Medtronic, Boston Scientific, being the big ones).

I hope they see enough in the material that they will at least pay down a handsome upfront fee for a licence of some kind. Or they might just buy the tech outright. Edwards are the only company that is primarily interested in heart valves. The others have a wide portfolio of MedTech devices to develop and market, whereas Edwards’ whole business could be in jeopardy if something bad befalls the bovine material supply chain (namely BSE arising in Australia/NZ cattle).

Agreed Nick, it is clear there are persistent sellers even if as a collective. I know there was a sizeable forced seller but for confidentiality reasons I am not expanding on it. Nothing to do with RUA’s performance, simply a portfolio clear out.

Today, evidence of more size being sold. Who knows why? Can’t say I follow the logic when the upside is so promising, but each have their reasons.

Exceptions being the 1p profit brigade financing the weekend beer money.