Member Info for Luckenbach

Thank You Heikkinen, what a presentation and an interview. So relaxed and self confident. Just a little bit more data and BP loses their nerves. Intensive negotiations with several BP. Maybe one small share issue with the already trustworthy known investors before the data and an other one when the data in hands and maybe soon a nice cheque in hands as well by BP.

A golden egg that could do some good for small investors as well in Finland. US reference market in a bad shape thus not getting listed there. Got an impression that finally something tangible will be seen (for analyst to believe as well, imo)

A traditional investment advice was given. You can invest if you can afford to lose it.

Btw. Interesting to see how the SP will develop in the wait of the next share issue. Will it again be a discount price. Does a small investor’s nerve break before or after the issue and top up now or later?

I think it’s our duty to thank her for her involvement and time spent at Faron. Usually BODs are asked to join the Board. Without knowing her or anybody else there, I know sometimes some people have a broader understanding and sound judgement what is the best for all in a situation and the ability to act accordingly. Somehow, at current state of affairs, I understand she may have given space to build up more focused capabilities in demand , don’t know. The recruiting party can always look at themselves, now and in the future. It’s not an easy business.

Just to conclude this active discussion here under this topic, expanding the maturity period of the options with two years seems to be a good choice for all parties. Personally as a shareholder I see many good reasons for that. To a certain amount options are good for attracting, engaging and rewarding employees. At this situation it is not against employees because they are free to exercise them now or later then. As a shareholder I think by this there is no immediate need for a new option program and dilution.

Assuming that the maturity date will get expanded on the 22nd of September it will not have any affect on the SP before the date.

In case any option holders were unsure about weather extension will get granted, in “theory” we could see it affecting the SP now. Also it would it be of great significance if the exercise would mean getting company shares with the exercise price (is it 1,09 or 0,01 depending on the series? Or is it the same 1,09 in all series, don’t know) or do they get an equivalent in cash meaning the day’s exchange rate minus exercise price. The latter would mean no future value expectations left after the date. The first option would mean having then shares to hold for the future rising SP but immediate need to pay income tax from the gained benefit out of the pocket (and having the shareholders risk)

So the latter choice would mean the higher the SP closer to the end of September the better and in the first option the lower the SP the better? I don’t expect any attempts for manipulation because it demands greater resources and the ones who have it would not see any meaning for that kind of a play.

Assuming the extension is spoken already, no restless option holders either.

Limestone, that’s fair enough.

Maybe he sells now Faron and buys Evgen?

You mean Toni Hänninen, the former CFO. Not the current one.

Nice, in Hel somebody is shaking tree to drop loose hanging fruits.

Well I think FOMOs were buying and we all were a bit wishful. But there are so many questions in the air and maybe Faron were in rush to have EGM arranged in September. RNS raised a lot of questions and hope and maybe we will get further information soon. At least US stock exchange was closed today, where Bayer is listed.

Lap, she’s been a board member for Biovica since years. Where did you get that COO position?

Btw. Does the board membership of MLF mean she will leave her current position? ”She had joined Faron from Sensei Biotherapeutics (SNSE), …” had joined?

2/2

Another strategy is to develop new formulations or delivery methods of Keytruda, such as subcutaneous injection or oral administration. These may offer more convenience and flexibility for patients and healthcare providers, as well as extend the patent life of Keytruda. For instance, Merck has recently launched a subcutaneous formulation of Keytruda in Europe, which can be administered in approximately 2 minutes, compared to the intravenous infusion that takes about 30 minutes. Merck is also exploring the possibility of developing an oral version of Keytruda, which could be a game-changer for the PD-1 market.

In summary, Merck is not likely to give up its PD-1 business easily after the patent expiration of Keytruda. The company is investing heavily in research and development to find new ways to improve and protect its blockbuster drug. By combining Keytruda with other therapies, creating new formulations or delivery methods, and expanding its indications and markets, Merck may be able to extend its patent wall and maintain its competitive edge in the PD-1 field.

As my summary it would be beneficial anyway for Merck to own Bex if it would get approved.

Wouldn’t it be beneficial for Merck to own Bex if it would be approved as a combo with pembro? Then after year 2028 it would be Bex as a gate keeper in the combo market when pembro was generic and “cheap” in price.

Maybe not that simple. I asked gpt-4 how would Merck continue year 2028 in concern and…

1/2

Merck's patent for pembrolizumab, also known as Keytruda, is set to expire in 2028 in the US. This means that other companies may be able to produce and sell generic versions of the drug at a lower price, which could reduce Merck's market share and revenue. However, Merck has several strategies to maintain its PD-1 business and extend its patent protection for Keytruda.

One strategy is to combine Keytruda with other drugs, such as chemotherapy, radiotherapy, angiogenesis inhibitors, targeted therapy, or other immune checkpoint inhibitors. These combinations may enhance the antitumor efficacy and response rate of Keytruda, as well as broaden its indications for different types of cancers. For example, Keytruda has been approved by the FDA for the first-line treatment of non-small cell lung cancer (NSCLC) in combination with pemetrexed and platinum-based chemotherapy. Merck has also filed for approval of Keytruda plus lenvatinib, an angiogenesis inhibitor, for advanced endometrial carcinoma. Moreover, Merck is conducting over 1000 clinical trials to test Keytruda in various combinations and settings.

Yes, and I think last week news is an indication from something they need to consider.

Anyway the article still says: Despite these findings, Dumbrava and her colleagues hope that BAY 2416964 may still play a valuable role in treating cancer when combined with other drugs, especially PD-1 checkpoint inhibitors.

“Safety data and observed pharmacodynamic effects support combination therapies,” Dumbrava says. “A study in combination with pembrolizumab, which is a type of PD-1 checkpoint inhibitor, is currently ongoing, and it’s possible that giving these two drugs together will be more effective than either one alone.”

Being it AhR and Bex together or Bex alone, Faron will get a lot of attention I guess.

Seems like them both have the same humongous PD-1 combo market in mind. Bayer is working on the AhR inhibition mechanism and clinical trial phase I with pembro is ongoing around the world. https://www.mdanderson.org/cancerwise/clinical-trial-of-new-ahr-inhibitor-shows-cancer-might-be-even-more-wily-than-we-thought.h00-159619434.html A link found from the Finnish chat.

If you can’t beat them join them. Who is kissing who? Will 1+1 be more than 2? Waiting for the next episode.

Yes Sax, exciting times I would even say close to exiting times but only if it’s getting big enough.

In real life they need to do succession planning who is the next CEO. In case they have such a process in place it may find also board member candidates. Of course it’s not rare that the next CEO will be “found” from the board.

It’s so human to try to fill the caps in information with our own imagination. The fact is that the company is getting new board members - welcome aboard!

…committed to foster something big at least, if nothing else communicated soon.

Can’t avoid a thought that the situation is similar to when one wants to get the best offer from the market via a real estate agent before selling the property to a family member.

In case the situation now was like above, even though not intentionally, the table is open for any bid until the EGM? After the EGM CR needs to recuse herself in case there were any competing interests.

Both parties must be committed for something big now. No place for a decoy.

Both companies know what is best for the patients and for the market within a certain timeframe. Bayer may not be willing to pay enough for Faron at this state and maybe Faron’s first priority is not to be bought out at all. JV?

Obviously they are taking first steps on the road together and they know, every key person at Faron knows, what will happen when certain milestones/covenants are reached. So that is why they need to engage personnel by refreshing 2015 option maturity and naming MLF as a board member. Board membership together with Christine Roth makes the common walk also smoother. But is it Bayer or Faron that make the next move or do they make together something else?