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totally agree - any other company heads would roll and new experienced bods would take their place... such as shame - great concept in terms of finding cures/therapies for this awful disease but the company structure is flawed.
but i suppose why would you leave this gravy train when you have no targets to meet...
totally agree - any other company heads would roll and new experienced bods would take their place... such as shame - great concept in terms of finding cures/therapies for this awful disease but the company structure is flawed.
but i suppose why would you leave this gravy train when you have no targets to meet...
I read this at the time and thought he's wrong but turns out he's spot on, unfortunately:
Shockingly expensive death spiral for Valirx, dump this toxic stock while you can (VAL)
26 APR 2019 | Ben Turney
riday’s announcement from Valirx (LSE:VAL), which saw it reveal that it has entered into a shockingly expensive death spiral with European High Growth Opportunities (EHGO), is downright contemptible. We appreciate that companies will always try to put a spin on negative news, but the claims from CEO Dr Satu Vainikka that “this investment” is “at a premium” are disgracefully misleading. It is so disappointing that the company’s nomad, Cairn Financial, allowed this RNS to go out, but be under no illusions. This toxic deal spells the end for shareholders (and almost certainty the company). Sell this stock while you can and never look back.
EHGO shot to prominence last year when it bailed out lying “tech entrepreneur” Joao Andrade, of Widecells (LSE:WDC) infamy. That convertible loan was a disaster. It led to an immediate 75% collapse in the Widecells share price and effectively stuck a stake through its failing business model. The clumsy execution of that convertible loan has made it extremely difficult for EHGO to extricate itself from that mess, but clearly the clever people behind the opaque Luxembourg fund are unperturbed.
They returned to us on Friday morning with a new box of tricks, no doubt believing that – as the smartest people in the room – they can foist whatever crap onto the retail market they like and mug punters will just lap it up.
Let’s hope they’re wrong.
This Valirx deal is appalling.
Let’s start with the headline terms of the so-called “investment at a premium”. Valirx claims it is going to receive three tranches of £426,000 between 01 May and 14 June, raising gross proceeds of £1,278,000 at a subscription price of 0.6p per share. Valirx’s mid price is currently 0.4p, so technically one could claim that the price of the EHGO death spiral is at a premium.
But hold on a second there…
First, Valirx has agreed to pay a £278,000 “structuring fee” to EHGO, meaning the net amount the company MIGHT receive is £1,000,000. Excuse the exaggerated emphasis of the word “might”, but you’ll soon see why it’s justified.
Scroll a bit further down the RNS and we discover:
“The Agreement stipulates that the Investor shall provide to the Company additional financing by way of Convertible Funds, subject to signature by both parties to definitive documentation by 21 June 2019.
Should definitive documentation not be signed by 21 June 2019, ValiRx shall be required to pay the investor a break fee totalling £150,000 (the “Break Fee”) plus an additional amount in the event the Company’s share price declines in the period to the date the Break Fee crystallises. This additional amount is to be calculated by multiplying the stock performance of the Company (expressed as a percentage) by £1,000,000.”
I’m honestly laughin
Being invested in Val for circa 5 years I'm actually shocked it's still afloat - even with all the share dumping....
Can this SP increase with all of the share dilution tactics even if the science is sound? I'm hp[ing it can claw back up to 1p but this seems impossible with the cash burn per month and bad management ...
So much potential but the board seem like financial buffoons - already burnt cash making terrible decisions...
Black Cat... are they are really taking the pi**...
Black Cat Bio Limited is an active company incorporated on 19 December 2019 with the registered office located in Wimborne, Dorset. Black Cat Bio Limited has been running for 26 days. There is currently 1 active director according to the latest confirmation statement submitted on 19th December 2019.
Jesus.. Val really does make you poor. I originally bought in years ago at circa 5p when they had good news about the clinicals. Lots of excitement. Since then I've jinxed it and it's dropped like a stone.
I've not bought in again tomorrow to average my SP right down so I have a small chance of getting back some funds...
APART FROM THE JD/CRACK PIPE AND FORUMS - this is a little ray of hope for us all (I hope):
ValiRx primed for a pivotal year
Two clinical-stage drugs
Partners identified for phase III trial in lung cancer
Read-out of phase II data from prostate trial later this year
What the company does
The company blurb tells us it’s a clinical-stage science company, focusing on developing cancer treatments. What that doesn’t describe adequately is the business model. ValiRx Plc (LON:VAL) operates as a virtual business, outsourcing most of its activities. Its strategy is to develop its drug candidates through the early clinical pathway and then seek a partner to complete the development and regulatory submissions, taking the product on to commercialisation.
It has three prospective products – two in the clinic, and one headed to the clinic.
VAL401, for lung cancer, is the most advanced of ValiRx’s pipeline of candidates. It is a reformulation of a generic drug. The reboot allows the 401 to access previously unexploited anti-cancer activity. VAL401 has completed a phase II trial in people in people in the late stage of the disease. Data indicated a palliative effect and an improvement of quality of life.
VAL201 is currently in phase II clinical trials assessing its potential as prostate cancer drug. It is also being developed to combat hormone-induced unregulated growth including endometriosis.
VAL101 is based on the ValiRx’s GeneICE platform. It acts to target and switch off the gene that expresses Bcl-2, a protein that is implicated in about half of all carcinomas (skin, liver and kidney cancers). Pre-clinical studies have established VAL101’s efficacy in prostate, ovarian and pancreatic cancers and it may also have anti-tumour activity against orphan oncologic indications.
On May 2 ValiRx unveiled a double deal – an acquisition and an outline joint-venture agreement. The company said it was buying for a nominal sum patents and intellectual property formerly owned by a Finnish company called FIT Biotech. In the same announcement shareholders were told ValiRx had signed a letter of intent with corporate financier Alpha Blue Ocean outlining the terms of a therapeutic and diagnostic-based collaboration.
Inflexion Points
- ValiRx’s joint-venture company ValiSeek has found US and European partners to take lung cancer treatment VAL401 into phase III trials. The search is now on for external funding for the study.
- VAL201 has been shown to be safe and well tolerated during phase I/II trials and, crucially, there was “primary evidenceS” of the drug’s activity in prostate cancer. The results from the tria
we might need to have a whip round.. just read this:
...has paid the appropriate fees.... (wtf)
The European Patent Office has issued a patent notice of allowance for the compound, which will be granted once the AIM-listed company has paid the appropriate fees, following on from protection granted in the US last month.
any company can file for a patent.. nothing clever about this action and yet they think it's impressive enough to make it the only news in weeks...
the SP won't rise until we see REAL progress on the trial data.. investors now want to see real results not smoke and mirrors which has been happening for years..
I'd love to see new key members employed to drive this company to the next level - the current staff can't do this - they've been playing the single trick for years and the market is fed up..
what does this mean??? nice to get such a comprehensive update...
Result of Annual General Meeting
London, UK., 28 June 2019: ValiRx Plc (AIM: VAL), the clinical stage biotechnology company, announces that at its Annual General Meeting ("AGM") held earlier today, all resolutions were duly passed.
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