Member Info for LUCAN

It's not just that it is hard to treat, which it is.
It is also hard to demonstrate successful treatment, because the criteria are largely subjective. So it is a long and stony road.

Forgive my ignorance. Who or what is Izingwe Capital, and how did they come by (originally) 36% of the Mokopane project?

I suspect whichever major they are in touch with, is waiting for a fire sale. It may come to that, if they can't move faster. Won't be years anyway, the cash will run out.

OK, thanks.
If they do get useful results with pancreatic, it is big, big news. It's a death sentence, and in short order.

I'll believe it when I see it. Don't they have to go to the mice first?

If course it's only in disease models, long way from clinical tests. Probaby 5 years minimum. They really need to sell this, and/or the company, to someone who has the resources to push it quickly.

An effective treatment for pancreatic cancer would really be something. At present life expectancy is about 6 months.

Still sinking. Down to 40 cents this evening. Not very encouraging.

No milestones are due, repeat NO MILESTONES ARE DUE, because of the very specific drafting of the milestone agreement.
What I would like to know is: were SAR aware of this from the start, or was the wool pulled over their eyes?
Also, did CRUK appreciate the significance of the drafting, or were they asleep when signing? Who knew what and when?

'But that trial expansion will cost srra 20m in milestones. And they dont have it.'
Actually, they do have it, at present. They just want to spend it on something else.

There are questions to be answered here.
1. Does SAR accept Sierra's contention that no milestone payments are due until/unless a patient is treated in the US?
2. If so, was SAR always aware of this, or did they not read the contract carefully enough?
3. What about the people who negotiated the contract, CRUK etc., were they so aware?
4. If yes, who carries the can for what looks like an extraordinary oversight? Or if the answer to 1 above is 'no', what do they propose to do about it?
Until these questions are answered, it really cannot be business as usual.

Try reading last week's RNS.

This is dreadful news for investors. But it is not good either for Tim and John, who face the prospect of their lives' work going up in smoke. They have been well paid for a few years, but that won't last forever. Their share options are of course worthless, and they now have to get somewhere fast with TYK2 before the cash runs out.
They have to proceed through CRUK, but they surely owe it to their self-respect as well as to their investors to play hardball with SRRA. Either extract a decent cash sum, quickly while they still have it, or take back the rights. Nice guys finish last, unfortunately.

I have 4m shares in a pension fund and a further 1m personally.
I am not keen on kicking out Tim, and breaking up the shop, but will support any resolution aiming at better communications and publicity, and a more active policy in relation to Sierra. They should be told, in public, that they will
not be allowed to default on milestones. Otherwise we are just asking to be robbed.

When news comes this will bounce.
Unfortunately by then, it may have fallen so far that the bounce will be pretty lame.

See today's example at Silence, where Mallinck is putting in $5m at a small premium for a minority stake. Result, the SP is up by 60% in a day. More to come, probably.

We do not know what the milestone triggers are, since they have been excluded from the published contract. Nonetheless, assuming reasonable competence from ICR, it is difficult to see how the recent results would not be sufficient to trigger one. In my opinion.
If Sierra's recent statements mean anything at all, they mean they will be spending no more cash on SRA737. Hence no payment of any milestone. They can possibly delay recognition by various devices, but basically that is a declared intention to default. In my judgement. I don 't see how else you can read it.

These are judgements not facts. '

It appears that a milestone payment in respect of SRA737 will shortly be due from Sierra to ICR, and so in part to Sareum.
It appears also that Sierra intends to default on this obligation. It has the money, but prefers to spend it elsewhere.
ICR should give clear notice that unless Sierra meets its obligation within a reasonable and defined period, it will exercise its contractual right to reclaim the compound. Otherwise, what's the contract worth, in this or any other case?

Well informed as always