Member Info for Luckenbach

Https://youtu.be/yv6csqqOllQ

The phase 3 funding will materialize soon. How do I know ? Watch the latest Proactive interview !

Exactly, who ever it is maybe driving down shouldn’t be rewarded now by diluting the ownerships. Who is sitting on the driver’s seat?

Driving the share price down for to have a rise would be an utmost sign of weakness of the waited results or the company management. Assuming the clinical results were expected good at ESMO the company should be able to bridge by whatever means if not yet partnering or entering into the final deal. Who knows.

Pfizer failed their own drug because of poor safety so they need to buy them selves in to compete with ElliLily and Novonordisk in obesity etc.

Pfizer will acquire Metsera for $47.50 per share in cash (approx. $4.9B), with up to $22.50 per share in milestone payments. These milestones include Phase 3 trial initiation and FDA approvals for Metsera’s obesity drug candidates. Metsera has no approved drugs yet; its pipeline includes four clinical-stage programs, notably MET-097i (Phase 2) and MET-233i (Phase 1), plus oral GLP-1 agents entering trials A B.

Itsallamess, that’s the biggest thing ever. A total game changer, l hope it will land well in the healthcare without commercial friction and competitive restrictions. For sure will raise something more than only eyebrows .

Yes, your conclusion is a proof of that, let’s see what’ll happen.

Bmhltd, I think we both understood it in the same way. No problem.

Charlaine, Let’s say you take the difference now (meaning realizing the profit) the difference will be counted as salary and you pay income taxes I assume for this year. If you wait for the year end and the sp were much higher you would pay a lot of more taxes.

…meaning they pay 1,09€ for each share to have these shares on the 10th October free for selling. There’s no closed period going on as far as we know. It’s an other case if the insiders do already know something significant that may affect the share price let’s say when they have their oral presentation on the 19th of October. Today it’s 19th of September and we don’t know if insiders are on closed period now.

… meaning no share issue at the price of 85p coming?

They can exercise these shares 10th October , not saying they would but ESMO starts 17th October. Who knows we get news then.

Very natural, because:

“The exercise period for the 2015 D-options commenced on January 1, 2023, and will conclude on December 31, 2025.”

“Holders of the 2015 D-options may exercise their rights to subscribe for shares at €1.09 per share between January 1, 2023, and December 31, 2025.”

….of course it would be more complicated if the MDS of the

patients were a result of earlier intensive chemotherapy treatments in other cancers where sclever-1 present.

Cov, I would say anytime soon depending on what they want to reach and what they are able to. For sure it looks good now IMO.

Forgot to mention (my own thinking) that if there were a lot of sclever-1 circulating while curing HR MDS patients, it would consume Bex even though it wasn’t worth mentioning in the corporate deck as a part of the core biology of HR MDS. Would that somewhere make a difference when comparing the dosing 1mg/kg to 3mg/kg.

Thanks vares,

Soluble Clever-1 (sClever-1) is notably absent from the corporate deck, despite being a significant and clearly valuable discovery.

The presentation is heavily focused on myelodysplastic syndromes (MDS), which may explain the omission. It’s possible that sClever-1 doesn’t circulate as prominently in MDS compared to solid tumors? If it does circulate, it might serve as a biomarker, but perhaps it’s not considered part of the core biology of high-risk (HR) MDS—hence its exclusion from the partnering strategy. It’s also conceivable that azacitidine (AZA) isn’t affected by sClever-1 in the same way T cells are. That would be a valid consideration if AZA doesn’t act through T cells or if no patents exist to protect AZA’s T cell-related mechanisms.

They may be finalizing a partnering deal focused solely on HR MDS, deliberately leaving sClever-1 out. This could be because sClever-1, as a target, holds broader potential across other indications.

The corporate deck clearly emphasizes HR MDS and its underlying biology. As stated, Bex is primarily being developed for HR MDS, though it also shows strong promise in other indications and therapeutic settings.

It’s evident that HR MDS is currently viewed as the company’s crown jewel. They’re aiming to maximize its value and keep it separate from other programs. There’s more to come, but first they want to extract full value from HR MDS—which makes sense, as the partner stands to gain significantly for their own business as well.

…while at the same time this study and the conclusions is an invitation to initiate studies to find other ways to influence these pathways that are now affected via clever-1 receptors. Science as usual.

Wake up!

Strategic Conclusions: Faron vs. Reference M&A Cases

1. **Superior Clinical Data**

Faron’s bexmarilimab has demonstrated higher complete response (CR) rates than Forty Seven’s magrolimab or the CAR-T programs from Juno and Kite. In frontline high-risk MDS, bexmarilimab combined with azacitidine has shown CR rates exceeding 50%, which is notably stronger than the ~30–40% seen in the reference deals.

2. **Differentiated Mechanism of Action**

Bexmarilimab targets Clever-1, a novel macrophage checkpoint, offering a unique immunological approach. This mechanism is as innovative as CD47 blockade or CAR-T, and potentially more scalable and less toxic.

3. **Ownership Structure Is Not a Barrier**

Despite perceptions, Faron’s founder Markku Jalkanen holds only ~2% of the company. The majority of shares are held by institutional and private investors. Therefore, strategic transactions — including licensing or M&A — are not structurally constrained by insider control.

4. **Strong U.S. Market Potential**

Faron has received Orphan Drug Designation from the FDA for both MDS and AML. The company is pursuing accelerated approval in frontline HR-MDS, a space with high unmet need and limited competition. U.S. commercial potential is substantial, with peak sales estimates in the $1.5–2 billion range.

5. **Valuation Disconnect**

Faron’s current market cap (~$295M) is dramatically lower than the reference deals ($4.9B–$11.9B), despite comparable or superior data, similar indications, and a clear regulatory path. This suggests significant upside if the company executes on licensing or late-stage development.

…..although Markku at least at some point thought it could be too complicated to manage multiple partnering relationships in practice. I think like Juho said they are in a process to find the most valuable outcome for shareholders when working with bankers. You never know.

Quesera, isn’t that what Markku Jalkanen (Juho’s father) meant when talking about the “humongous “. I’m glad he was on track early enough.