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Interesting commercial point raised by Kieran Rooney in the UKIS presentation last month (now on YouTube): https://www.youtube.com/watch?v=P7bId2bUDsk About 14:45 in he talks about the possible launch of Episalvan (AP101) under the existing PTW EMA license (that Amryt so far have not launched under, for commercial reasons to preserve value to treat orphan indications rather than compete as a commodity with lots of other topical PTW treatments). This was raised back in the March trading update: "P101 was approved by the EMA in Europe in January 2016 for the treatment of PTW in adults. (This approval followed three positive phase III studies of 280 patients in grade II burns and split thickness skin graft donor sites). Dermatological conditions under consideration include: ● Toxic Epidermal Necrolysis Syndrome (TENS)( including Stevens-Johnson Syndrome (SJS)), ● Bullous Pemphigoid ● Pemphigus Vulgaris ● Grade III/IV radiotherapy and chemotherapy induced dermatitis. The scope of the current EMA approval for AP101 may offer the opportunity to launch AP101 in some of these indications in Europe. Early indications suggest that collectively these indications of TEN/SJS, radiotherapy and chemotherapy induced dermatitis, and bullous pemphigoid and pemphigus vulgaris may have a market potential greater than the EB opportunity which the Company is currently investigating in its EASE Phase III study." I asked in a group at the time about this and was met with scepticism as to whether it might devalue AP101 and detract against the business case for EB (should it be approved). Anyway, back to the video and Kieran specifically addresses this, saying that pricing would be in line with their forecasts for EB and that launch under the existing PTW MA license might be achieved using only a small scale proof of concept clinical study. Assuming I'm not misreading or mishearing things (YouTube does have subtitles these days, very good ones too!) this should be massive news?

I think 'Bermuda' was a reference to poster 'BermudaShorts' and I had already made the point on that forum that none of the subsidiaries were incorporated in murky jurisdictions so I see no reason whatsoever for the original assertion about the subsidiaries. Would urge viewing the costs with the level of expertise needed on these sales teams, as well as bearing in mind it's a period of expansion so the cost of establishing new teams and negotiatimg national positions will be included and perhaps the reason for all the 'chiefs'. Particularly this from the March trading update: "The Company is actively negotiating national reimbursement decisions in the UK, France, Spain and Turkey which, it is hoping will materialise during the course of 2018. If successful, these market-access decisions will allow Amryt to provide access for a cohort of HoFH patients in each of these territories." Noting the published figure of 77% of revenues coming from just 3 EU countries (Italy, Netherlands and Greece) it starts to highlight the potential impact a national reimbursement in even one of these major countries could have

Looks like the seller clearing. Currently reporting volume of over 24 million! Som Sellers were locked in for 18 months from RTO then bound by orderly selling agreement until April. Probably no coincidence with hindsight it's been traded back so harshly over the year despite the progress, esp on Lojuxta sales and this exciting new gene therapy platform. Check under "Som Sellers" pg 39 of the admission doc. Sets this up nicely for next week now assuming this is the back of the seller. Probably been worked for months through the company broker under orderly selling agreement maybe, or at least the market has been aware of this coming for months.

Incidentally Som sellers were the largest candidate I had for the recent dip in the share price as we approached the end of their selling restrictions (orderly selling agreement in place until mid April). I haven't written AP102 off, and we might see it flipped on to someone else once the preclinical studies are complete, but the major news for me was reading that the EIB loan terms had been decoupled from AP102, which is actually quite big news for anyone trying to model the ongoing funding requirements.

As per last time this happened the currency is Euros in my post, and this time I'm 100% sure I did use the EUR symbol, but this website seems to change EUR symbol to � sign.

Quite on here! I've been reading the annual report and it seems to answer one key question raised on this board a while back. The issue raised here related to AP102 and how starting AP102 clinical studies was coupled to unlocking the next tranche of the EIB loan, according to the original terms of the loan. As some on here suspected, it does appear reading between the lines of the annual report that AP102 has been de-prioritised. That could be because, as noted in the report, there's no patent protection, so would be reliant on Orphan status for extended exclusivity periods in EU and US. No concrete answers as to what and why but it looks like the newly-acquired AP-103 gene therapy will be prioritised. Good news though re the EIB loan it looks like they have renegotiated the terms to decouple draw down from AP102 progress: "In October 2017, the terms of the second tranche of �5m were amended by the EIB so the Group has the option to draw this amount down any time it wishes. " And... "The third tranche is conditional on the primary clinical endpoints for the EASE Phase III clinical trials in the US or EU being achieved..." So really it's looking relatively solid on the finance for completing EASE. Also I noted this (given my previous posts on this forum about the possibility): "In the meantime, Amryt will continue to seek to in-licence further commercial stage assets to continue to grow our revenues and provide cash resources that will help support these development assets. Amryt has made excellent operational and strategic progress to date and we look forward to reporting on further progress as we continue to develop the business. " As I've posted before, it would make a lot of sense to counter the expansion of the development arm from this new gene therapy with some way to expand revenue in the near term and keep the company balanced in that regards. FWIW the new in-licensed gene therapy looks incredibly interesting with the non-viral vector technique.

Amazing volume for 10am compared to what we've been used to in the dark year just passed. And the MM seem finally to be making a truer market. Still got sellers to contend with but perfectly normal given the amazing bounce we've seen since the low just a few weeks ago. I'm looking to see 3.5p broken to unlock 5p+ with further price targets at 7p and 10p over the coming few months. Nothing of course is a given but I've been a strong believer in FDBK throughout the last year despite some investors losing confidence. I have a higher price target too but I only mentioned that in private and still got laughed out of the room. Feel this is one of those rare companies on AIM with a genuine product at a major inflection point in the market

MMs try every trick on #FDBK - from shake & NT to buy yest afternoon, to false bid up today so buys appear as 'sells' in lower half of spread. Also deflation on Ask, successive buys appear cheaper (next will be 3.17p) all designed to paint picture of weakness -> shorters trapped? After all someone sold DD his shares at 3.5p last week, then a string of 500k trades below his buy price made it appear as though someone bought/sold spiked on the same day. In reality just more games? 44m volume reported for last weds on Yahoo finance (some platforms have lower vols I think they missed the delayed trades off). There will have been a fair amount of speculation in that huge volume, some of it bears no doubt. If value-based investors willing to step in under that 10m mcap figure it could leave bears even more adrift.

Or you sold him short, Naz... Pour a bit of water onto the flames and try and wrangle it back into the sub 2.8p range?

... March 2015 CPX went from under 1p after distressed placing to peak out at 8p that summer, Shows what microcap tech stocks can do over a few months with the right newsflow. GE link up potentially a company on a similar scale to Murata with CPX. Proper companies with rich, research led histories...

It's been NT to buy since the publication time on that ThisIsMoney article! Also the MM did a bit of a dance, dropping off bid down to 2.5p at one point on L2 despite the real RSP bid rising at the time. NT to buy can mean only one thing - they don't want to sell shares, just collect them.

Starting in 2018 according to company website: https://www.amrytpharma.com/product-portfolio/ap102/

Funny how pretty much every success story on AIM has it's detractors on this BB. All showing the same tired patter of the deramper living some hellish life trying to save their bad shorts or getting paid �1 per point for trying to move the SP on behalf of some other idiot about to lose his quarterly bonus because he bet this the wrong way. I'd guess from the lack of originality in the deramp effort on this share that this is someone not quite up to their job, someone who finds themselves in the doghouse because they just lost the fund some money going short at 3p before realising company with half a trillion dollar mcap is actually buying Kylos units for rebadge and distribution via their global enterprise.

Is your name Matt by any chance, and you know a guy Ed from work?

Sorry Euros not Pounds, I used the Euro symbol in composing but they all seem to have transposed to GBP

Fair point re perception but if you look back at that raise with the hindsight of the accounts can see their backs weren't to the wall. End of period they had more than the �15m raised still in the bank. Granted there's nealry �10m of supplier debt that needs covering too but they didn't NEED �15m there and then. Yet they raised it. Which says a lot about a few things. BOD are ambitious and not prepared to sit back and be reactive waiting for AP101. They have ambition to expand, possibly into something else revenue producing, possibly this year, would make a lot of sense and balance the longer-term development pipeline with increased revenue. They're different from other bios which lurch from funding milestone to funding milestone, with the backers only releasing funds sufficient to get over the next hurdle. If that was the case they would have had to settle for �10m or maybe �7.5m At the time of the placing I was annoyed, because BOD was on record saying the EIB loan covered the costs of the EASE programme. However it transpires the EIB loan is only 50% drawn. Possibly due to the delay a draw-down milestone might also be delayed, this is just speculation, but critically they're not �20m in debt and raising �15m to cover the trial - which is what I had assumed at the time of the placing. These accounts have changed everything for me, but in the opposite direction to you. Lojuxta is doing better than I had assumed, cash is not as tight as I had assumed, debt is smaller than I had assumed. The only flies in the works for me, the delay - which has been discussed already and, I maintain, the market had suspected already due to background rumours so was largely priced in anyway; and the removal of the discount for the contingent payment, which doesn't look great on paper for the long term liability but at this stage ahead of AP101 revenues it's just a paper figure. Meanwhile a massive sell seems to have just cleared. Not sure how long that was being worked. Let's hope that's the end of the seller

Incidentally one reason I suspect a short attack here is that I had already heard on the grapevine that there was insufficient recruitment to make the H1 interim review, and if *i* heard that then sure as hell the bear traders would have got stuck in. Trading pattern has been to push into the bottom half of the spread to make it appear weak on techs, even with buying, whenever there was buying. Stochastics in February at zero, something I've seen mainly on other shares where I knew for a fact there's been high short interest. AIM biotechs seem to attract more than their fair share of bear traders and it just feels like a concerted attempt to manage the SP at these levels for a long slow accumulation to close shorts. So someone coming here talking of BOD ineptitude seems to overdo it somewhat.

4-6 month delay with a reasonable excuse given the Amicus data set bonus, on a project this size/complexity. And lack of numbers in April, possibly a red flag but probably because the BOD felt they wouldn't add much info given the full effect of new distributors still to be felt. And pretty good Lojuxta numbers, plus they secured financing and the new gene therapy platform. Can't for a minute see where there is any reason to lay into the BOD, *especially* as you already ran for the hills back in March, before you knew whether or not there'd be Q1 numbers published in April. Why anyone is selling under 20p is beyond me. Suspect a short attack here, look back the RTO traded down from 24p to 14p, funny trading for last 5 months or so. And suspect posters allegedly already taking cover in the hills coming back here to snipe have their own agenda. So what's your re-entry target?

Well to start with they couldn't update for the first 3 months in the update in March, because the first 3 months wasn't over. So I suspect a level of disingenuity to your posting if you ran for the hills in March. But there is a genuine question of why they didn't include those numbers in the FYR just published today. Couple of reasons I guess. Firstly, last year, investors had not much to go on so felt it useful. This year we have YoY growth figures. And secondly I doubt the full impact of the 5x distribution agreements is fully apparent in the first 3 months. Therefore why include those figures when they could be misleading because one of the expansions didn't happen until March? So I think it would be nice to see the quarterly figures for Q2, but to run in March???? Pftttt.

There was a inkling DC would be a man of action and bring fresh ideas. So far he's appointed a CFO, locked-in a placing in a falling market ultra bearish due to TB selling, unlinking our dilution from TB's damage, and brought the COO of Merck in as a shareholding non-exec. My god on any other 3m AIM share we would have multibagged now. Genuinely believe that. I understand why not, with a seller out there still, but ever since DC's appointment I completely lost any comprehension of why TB was STILL selling and given today's further reinforcement that DC will make his mark I'm at a loss.