Member Info for Jiving

Anybody anything from Trahar? I have had reasonable responses in the past but my last simple information requesting email got ignored. I think he has switched loyalties now with his new job, previously he was enthusiastic now he is non contactable

The point is at this stage its not about 002/004 & data its simply about nobody but nobody is prepared to stand up and be counted as Chairmen or even a nominal executive. Does any really think a major pharma is going to take seriously a company with no chairman or 'executive' but a whole bunch of 'consultants'?

I think like many my only hope was Dan stepping up. But the latest Linkedin message is the exact opposite - his loyalty & future is full time at Trx and at a second/third best as a 'consultant' at NFX. And in our third week after Riddells outrageous no notice resignation - nothing but nothing from '''our''' BOD.

Well I don't expect the main compensation for a biotech CEO to take the form of salary but a huge wad of stock options. That none of the last 3 CEOs helped themselves to a big options package on taking up the role sadly suggested to me they were not intending to stick around. Anyway I doubt the company has the resources to pay even that salary now.

The hope might have been that Dan with his 37m holding and around 36m options expiring in October might have stepped up, but that now frankly does not look very likely.

But he clearly stresses "TRX Biosciences Limited · Full-time".

That seems to rule him returning to NFX in any more meaningful managerial role. Julian Gilbert also seems in no hurry to become Chairman (even temporarily), perhaps fearing an AR situation where he has to step in & accept executive responsibility. Seemingly nobody wants to accept executive responsibility.

Trx looks like a company that is trying to go places, even more than Oxilio. I think Dan's attention & hopes have switched from NFX to Trx. They seem to be trying to do a lot with very little capital, pretty much the opposite of what the clowns have 'achieved' here over the last 2 years.

The best option would be somebody finally stepping up to take responsibility to the point of attempting to get deals for 002 & 004. The worst scenario is they try to muddle along as we have done catastrophically for the last 2 years. Second best would be a merger (a private company using our listing) rather than a takeover, so that we could retain an interest in 002 & 004.

And tomorrow marks 2 weeks since Riddell did his disgraceful bunk & left with no notice and no successor. Whatever Board/management we have needs to explain what they intend doing about the situation asap.

The problem with the market reaction is that the Riddell statement did not put the test issue into the broadly positive context of NXP002. There is also the mystery of the NXP004 update that 'seems' to have been included but not explained. Our market cap on RTO was approx £18m, at our peak bubble it was around £60m.

I know you have been an investor for a long time (I am in my 5th year) & wondered how you think the Chairman/CEO/management issue will be resolved?

Interesting comments NFTs, most of which I entirely agree with. But in the immediate term we need a simple answer - who is out Chairman/ CEO/ manager - until we get that data is sadly irrelevant. How Ridell left is beyond a disgrace, I wonder if he transgressed any SFA regulations - no halfway trustworthy individual would behave in this outrageous fashion.

We need some kind of explanation about what is going on, a week after the twin bombshells. It seems Julian Gilbert is last man standing & likely the person trying to find a way ahead. Aside from IR we dont seem to have anybody we as shareholders can contact.

That was a good summary of where we stand on our 3 drugs, there is room for hope with all 3. The problem is we just need one determined manager to bring the deals in & see them through to fruition.

Its like he really wanted to cause maximum damage to the company, its share price & shareholders! Dub me paranoid but it fits the deliberate sequential timing.

The deliberately pessimistic wording of Sir Alistair's RNS was breathtaking. Actually in reality its a hiccup caused by HIS catastrophic failure to monitor the sub contractor undertaking our main drug's testing.

Seriously, if you intended to crash the price you could not have designed a more negatively phrased RNS - did he end up working for the shorters rather than the shareholders? Would anyone be surprised?

SSM thats he problem quite literally nobody wants these roles. So at present it all falls on Julian & Maddy to sort the situation out. Yes its a disgrace that a company we trusted with our savings has been treated so utterly abysmally by a whole series of disgraceful 'directors'. The disaster that has been NFX over the last 2 years has been due 100% to management failings & not to the inevitable ups/downs of pharmaceutical drug development.

Thats my fear, that Dan's other commitments essentially make his return impractical. They have already spent 6 months + looking & failing to find anyone to be CEO - even an Anne style temp isn't interested. I cant see how that changes especially in the light of the 2 bombshells Ridell dropped on us last week. (Is it just me or does it feel like he has an axe to grind with NFX, the way the first RNS was brutally written & then the resignation with no notice period.)

Actually I dont want a repeat of the last 2 years & 3 hopeless unmotivated """CEO's""". Lets not go through that destructive charade a 4th time. So we need to be taken over by another company with a cash offer likely around the current share price or a merger where we would end up with a small % of the merged company.

I absolutely agree with you Soup, i think that is our fundamental problem is we are so small; with 2 'possibly' attractive products, no lab, v limited financial resources - who is going to risk their career with that? The answer is potentially only with a huge option package 10-20 million, even then I doubt there will be a queue of candidates.

By not negotiating/requesting a big options package on becoming CEO - IMO none of the last 3 CEO's (Blackwell, Brindley, Riddell) had any intention of sticking around for a few months, before passing the parcel & legging it. Given the above my belief is we have 2 immediate options - Dan back as executive Chairman or CEO or a firesale to another company who will take the 2 key products forward.

Good find Soup, again another simply amazing timing issue - the Small Pharma announcement on 25 May & they belatedly inform us on 31 May. He helped himself to 3m options on 31 January 2022, I hope these are now cancelled, given he legged it 4 months later with seemingly no notice.

And also Sir Alistair proclaimed his Nuformix role to be Part Time on Linkedin. Great feeling as a shareholder when all your senior staff are at pains to stress they dont work full time for that wretched little company. i.e message to prospective employers 'available for hire anytime for a full time job' (no notice required).

At the moment Dan's options, which in the Prospectus in total number 36.8m, expire on 13 October 2022 (5 years after re-admission date). The exercise price is 4p, so obviously at any market price below 4p they are worthless, which gives him 136 days for the NFX price to rise above 4p.

My suggestion would be that in return for taking on the CEO role ('part time' or otherwise) the expiry date on his options should be extended by 1 year for every year he contracts to serve as CEO.

As a historic footnote, the NFX BOD some time ago considered extending the life/expiry date of the so called Founders Warrants that went to Levrett original shareholders, beyond their then three year life. At that time I was fiercely opposed to this as they were dormant non executive/participating shareholders & to extend their warrant life was extended this would negatively affect NFX shareholders.

But clearly extending Dan's option life in return for serving as CEO is very much in NFX shareholders interest, and would potentially almost double his incentive for creating shareholder value.

Likely more time & energy spent doling out our meagre support contracts to 'Family & Friends', than spent monitoring & supervising our critical CRO contract for our lead drug.