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*** The BoD are only too aware the EGM ‘will be’ closely followed

I believe the EGM will be honoured, there’s a difference between this fund raise as opposed to the Sprinter cash call, SNG didn’t really need the PI Open Offer ‘peace offering’ contribution of £7million, would’ve easily been covered by the over-subscribed placing.

This time round whilst IMO the MV trial will largely be covered by another entity, hopefully on favourable terms or better, they will need to garner support for a raise to keep the lights on for 2-3yrs plus additional contingency funds. This will involve keeping PI’s onside along with TFG who are somewhat hamstrung with their 28.2% holding to go further than their allotted quota.

The EGM will offer the BoD the ideal opportunity to get their funding requirements / plans across to shareholders in a positive manner. The BoD are only too aware the EGM is closely followed and reported back to a number of involved forums, additionally they will relish the opportunity to present to attendees they see year after year with real meaningful news for a change, even if it was an afterthought following an attendees request.

Not expecting an EGM til the New Year now, hopefully we get details before Christmas.

Manifesto,

At the end of the after-chat with RM, he stated to about 4 of us still in conversation with him “see you all at the EGM then”

It was actually 6-8weeks verbally stated by SS as a reasonable timeframe following persistent questioning, prior to that disclosure RM had stated “imminently”.

My reading, RM would probably preferred not to have defined a timeframe as during the after-chat RM stated in a jovial manner “it’s alright for a departing Chairman to say 6-8weeks.

Not particularly bothered with the exact timings as an announcement before Xmas would suffice.

Manifesto,

Whilst I agree the EGM will likely take place in the New Year now, I’d be surprised if it’s not face to face after RM stated towards the end of the AGM after-chat to about four of us “see you at the EGM then”.

In all fairness to RM he was quite relaxed at the after chat with his parting shot “see you all at the EGM then”

Or

3. After a number of false dawns, they are confident the plans they’re going to put forward will surpass our expectations and time for a touch of self congratulatory gloating.

DocDaneeka

Outright question from an investor “will it be a face to face EGM?”

Answer came back “yes”

Whilst we haven’t necessarily been able to rely on SGN’s previously announced timeframes, they appeared pretty certain the proposed EGM 6-8week timeframe would be achievable.

IMO confidence levels appeared higher than I’ve seen at previous AGM’s.

Bear with me with this hypothesis.

It just occurred to me thinking back regarding the after-chat with RM.

I said “I was half expecting abSecondary Bacterial Infection Divisional Patent application based on the ILI patent”

RM replied “we are always exploring ways to enhance IP but up to now we’ve had nothing substantial to warrant a further application in that area”

He went on to say “with the MV trial we will certainly be on the lookout for IP development and will act to protect”

My point being during the last two recent patent applications (2020) the examiners (EU/UK) cited prior art in the preliminary WPTO examination (namely SSH presentations) this was vigorously defended by HGF and the application has since progressed through to further examinations in those individual territories.

The U.S and other jurisdictions this problem didn’t occur as there is an allowable time period for disclosure of prior art.

So in essence it makes sense not to publish MV data at the interims until it’s established there are no further IP developments to be had. Once bitten so they say.

Thought it worth a mention as some appeared disappointed that the actual data won’t be released in the interims.

Manifesto,

Obviously we don’t know the form or avenues funding will take but I feel reasonably confident that LTH’s won’t face wipeout.

There was an air of visible confidence and satisfaction on show from RM and SS. The confidence levels displayed with the remark to PI attendees “judge my performance in 6-8weeks” plus “remember we are shareholders too, it’s in our interests to get a good deal”

Gives me hope for the future, yes some form of dilution but preferable to doing nowt and the resulting slow demise of SNG and our investment.

Manifesto

There was no indication of announcement sequences, as it appeared the required funding is in place barring final detail, IMO the need to drive the SP for raise purposes is not the priority therefore I’m expecting an all encompassing RNS detailing funding and trial.

The segment that PI’s will be offered IMO is not fundamental to the funding position much like the previous 2020 raise split - £80m II’s £7m PI’s

Regarding the ILI patent expiry question, and authorisation, I asked this at the AGM.

My niggle concern was when I brought up their expected MV timeframes for completion to authorisation.

I pointed out come March 2025 there are just 5 years remaining on the ILI patent and to gain extension via Exclusivity or SPC, SNG001 requires authorisation to allow applications to be considered.

They didn’t exactly say it would be completed within timeframes although appeared to suggest with BP onboard for the Phase3 segment the process will speed up.

The area I wasn’t enthusiastic about, RM stated there are other forms of protection for instance Knowledge and know how.

RM went on to give an example regarding a drug off patent (think AZ) that took 10years for others to catch up.

To me relying on that approach is risk laden, the tangible asset is the IP not some notion ‘until when others catch up’ which is an unknown.

Plus with emerging AI who knows, if there’s cash to be made others will be attracted.

RM stated they had 2 other applications in the pipeline being Covid and COPD/corticosteroids however, I replied that I thought the ILI granted patent was underpinning an factor for both those applications, being an antiviral therapeutic.

Yes definite concerns on that one, hopefully the route to authorisation will be within 5years via BP.

I thought RM’s reply was weak, whether it was an unexpected question that caught him off guard I don’t know. All I’ll say is at the previous AGM 2023 ‘knowledge & know how’ was not mentioned when I spoke to RM in the after-chat. He stated his preference would be ‘Exclusivity over SPC’ for extension purposes every time as it would have been granted at Governmental level as opposed to a SPC application that is issued through the patent system .

Well done Wigster and Doc for the comprehensive review and questions asked at the AGM.

See you at the EGM

Wigster did you receive my txt message?

One more I’d not written down,

I asked RM during the after-chat, “what happened to the blow fill technology you were exploring”

RM stated “it didn’t work for SNG001” he went on to say “they had to explore other means as glass phial supplies daring the Covid period were difficult to obtain, that situation has now changed “

Lastly,

Worth a mention an attendee posed the question to RM

“What progress have you made this year to justify your salary”

RM’s reply “judge me in 6-8weeks time when we announce the forthcoming plans”

Continued:

Despite many questions posed in different ways, they would not be drawn on patent numbers and trial costs per patient.

They stated at this time they cannot divulge any further information than that contained within the interims regarding financing

RM stated news would be imminent.

Later SS said announcement news would be within 6-8 weeks (later in the after-chat RM in a jovial manner said “it’s alright for a departing Chairman to announce a timeframe”.

IMO it could well land sooner.

Close to detail for financing and Trial details with information for PI’s if they wish to participate.

IMO they are not reliant on PI participation but are duty bound to LTH’s to offer.

They did state it’s their wish to protect PI’s.

During the after chat RM reminded us that he too along with other members of the BoD were shareholder and it was in everyone’s interest to get the best deal possible.

Regarding governmental involvement U.K. or U.S they wouldn’t go into detail other than SNG had laid down markers if a new virus appears and that they are well placed not Governments to take note.

IMO don’t be surprised if there is some form of governmental assistance in the forthcoming MV trial.

Wouldn’t be drawn on MV costs despite sustained questioning from different angles.

The question of P Monk leaving came up.

Wouldn’t discuss personal details but stated that in MM SNG001 was in very good hands.

They added that P Monks strength was in pre/clinical skills not best suited to clinical trials.

P Monk made it be known to them he’d like to get back to what he enjoys, lab work.

They stated that P Monk was supportive of the new MV trial and played an instrumental role.

That’s about it folks from my rushed scribbles.

Lastly I’m confident that Doc & Wigster maybe able to add to the above.

Much has already been covered and repeated but thought I’d share my scribbled notes.

In attendance;

RM

SS

SSH

J Colliver

Flic Gabbay

Dr Bruce Campbell

Mark Parry-Billings

Amanda Radford absent due to family reasons

SS opened introductory of AGM and board members.

Went on to say that he was delighted the BoD and Company are in good hands Re: MB-P

Introduced and invited MB-P to speak to attendees:

(Main points I picked up)

MB-P stated that he is longstanding friend of RM, knew of Synairgen’s SNG001 and was delighted when invited to join the company.

He went to say he is absolutely committed to the successful outcome of SNG001.

He stated he held 3 Drivers to enable delivery:

Urgency

Action: solid science underpins new program of unmet need.

Execution model for SNG.

(Probably more detail on the last)

He felt he had the right experience to assist and enable success with 32yrs under his belt.

It was not quite the usual AGM as there was a mixture of explanations (or not) with mingled Q&A from attendees.

It was an open debate with many questions coming from the floor.

I believe the BoD took the decision to have this type of two-way exchange throughout the AGM due to their inability at this time to divulge detail.

IMO a marked change from last year where they laid out their plans for small company trials, difference being this time the proposed MV trial is a reality whereas last years plans were an aspiration.

Testing: using off the shelf testing equipment that has been undergoing tests (Universal) using it in a different way successfully.

SNG001 stock levels:

Plentiful supplies and more to for fill trials requirements, both in Phial form and deep frozen powder form.

AGM delay:

I feel this was waffled over, SS event being one reason. IMO I believe they thought the finalisation of the MV trial may have been ready in time for the delayed AGM.

RM stated that for a long time they’ve had the data drivers and clinical need that pointed to the decision to plan for a MV trial.

The decision to go with one large P2 trial was to enable (if successful) conclusive evidence for a P3 trial.

No more ‘warrants further investigation’ with small trials, at this point small is a waste of time and money.

The last year spent working with testing tech for MV trial (Universal).

18months work with Aerogen has taken place to ensure SNG001 survives the longer journey with the Aerogen MV equipment.

IMO they were ensuring drug penetration levels into lungs were the same as normal method of administration. Maybe the dosing levels have been increased to compensate, although they didn’t elaborate or this.

Reassuring is the actual mesh-nebuliser device remains the same except it plugs into one side of the MV tubing instead of the normal spacer unit.

Universal has 5 industry partners, is going well with SNG being confident in the data pointing and taking them towards MV trial.

See you all tomorrow afternoon, still just time for BoD salvation with a to the wire morning RNS, probably doubtful though.

Dippfs

Apologies predictive text annoyance.