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Well I was clearly wrong about them waiting for the phase 0 results - so humble pie for me.

It still seems they are trying to add value without spending a great deal.. hence the restart of the early access program. .Getting data from another 20 people to add to the phase 1 trialists boosts the sample.size - medium-sized oncology player might be interested. If the radiosensitizer pre-clinical studies being undertaken demonstrate a combination effect, that would make the drug more attractive as an adjunct therapy. It's also a lower risk proposition than a monotherapy. The vivan fruit fly screaming might also generate some excitement if GaM shows a signal in high prevelence cancers.

All conjecture on my part tho..

The statement on GaM was telling and in line with the previously discussed thinking. We guess that they were challenged to prove that GaM crosses the blood-brain barrier and is present in the tumor, hence the sudden unpublicized phase 0. Given that they start this month and it's a simple process, they should have results fairly quickly. The timeline of publishing in 2026, as announced today, makes sense now.

It's actually a smart move to stop spending on the program. We now have leverage. Any future developer of the drug will need to negotiate with IBAI for our data to move their program forward, or perform the costly and time-consuming phase 1 exercise again.

Amy thanks for all your efforts Tyke. You are IB investor relations!

Tyke

Because that is market sensitivity information,.its unlikely to be disclosed. My personal is that it won't now happen until phase 0. - but I could be wrong. . The good news is that it could take as little as a month to find out if GaM is in the tumour. Although the trial is for 8, they can get a high probability result with 4. That's just one operation a week.

Cautious - I couldn't agree more. Let's just leave it where it is (vote no). If the new strategy, stated in January is correct, they will start making money and the share price will naturally rise. It gives management an incentive to perform.. Otherwise, nothing will change.

"The directors believe it is no longer in shareholders' interests to embark on a Phase 2 clinical trial of gallium maltolate as previously intended. The financial and operational resources would be better employed to concentrate upon nearer-term commercial objectives of our imaging solutions.

I used the contact form on the IB website when I had a question. I received a very curious and polite response. Try that.

Mr Brown clearly stated that they had used scarce resources on GaM development, starving the core software business of the limited resources they had. The pivot back to software was the reason not to proceed with phase 2. What i think will happen is that the rights to GaM will be sold in due course. The phase 0, shortly underway, is almost certainly a response to the feedback MCW got on the unpublished phase 1 results. We know there was a signal - but they were probably told "go back and prove the drug is in the tumor - then come back". My hunch is that IBs GaM IP and the pediatric designation rights will then be packaged with the phase 0 data and sold. How much is that worth to a US pharma? Probably more than the market cap right now.

Whatever the precise mechanism is, we know the main reason is almost certainly to allow the issue of further shares - and the price is unlikley to be even the 0.75p. It's time this stopped. Personally, I will not be supporting that resolution. Most retail brokers allow you to vote on the resolutions with the click of a button - check the Corporate Actions section in your broker account. You will almost certainly get an invitation to vote.

Just another long suffering LTH who got sucked in and who keeps hoping for an exit where I am not down by a massive amount...

Tyke

I have a question. In the release, it states "The Medical College of Wisconsin (MCW) conducted the trial, and results are being prepared for publication." We were previously told it had been submitted for publication. I suspect that they did submit, but were subsequently told by peer review "Longevity looks promising, but you haven't shown that GaM makes it to the tumour - go away and find out". Hence the sudden phase 0 from MCW. is this the case?

thanks

Remember the CPT code debacle...

Well, according to Gemini, it appears things have moved on somewhat..

1. The "Ready-to-Go" Codes: 0865T & 0866T

In 2024, the AMA activated two specific Category III CPT codes for "Quantitative Analysis of the Brain." As of the 2026 update, these are the "Gold Standard" for billing AI software in this field:

0865T: Used for quantitative MRI analysis when the software is run independently of a diagnostic session.

0866T (The Add-on): This is the commercial engine. It’s an add-on code used when the software (like IB Neuro) is run at the same time as a standard brain MRI (70551-70553).

If they are using IB Neuro to quantify rCBV (blood volume) or map Radiation Necrosis, hospital admins simply add +0866T to their bill.

2. The "Augmentative AI" Bonus (New for 2026)

The 2026 CPT Code Set (released just 71 days ago) introduced a massive shift. The AMA moved from "collecting data" to validating AI as a standard clinical tool.

Assistive Analytics: The 2026 codes now explicitly cover "augmentative software analysis."

The Valuation: While Category III codes are "temporary" (used to track data), major payers like Aetna and UnitedHealthcare have begun creating "Medical Policy Bulletins" for these codes.

The Profit: Estimates for these "Add-on" AI codes range from $200 to $600 per scan in additional hospital revenue.

You need to look into what was said with reference to the first sentence. The trial has been **completed**, and "Preliminary analyses have demonstrated gallium maltolate is both safe and potentially efficacious". It's subtle, but it tells you that the full trial results still show the same potential efficacy signal as the interim. That can change with a trial that has interim analyses points (ok, I know that they only recruited 26 in total). So, this is new information.

From the phase 0 trial description:

"Rationale: Currently, recruitment has concluded for a Phase 1 trial assessing in patients with GBM. Preliminary analyses have demonstrated gallium maltolate is both safe and potentially efficacious in treating glioblastoma."

This is from the MCW Medical Doctor (based on the filing).

Read what you will into this. My personal take is that "Potentially efficacious" is probably about as positive a claim as can be made for a small phase 1 trial.

Read the Phase 0 Clinical trial description.. what does it say...

"Rationale: Currently, recruitment has concluded for a Phase 1 trial assessing in patients with GBM. Preliminary analyses have demonstrated gallium maltolate is both safe and potentially efficacious in treating glioblastoma."

There is your answer. The MCW doc let it slip out in the phase 0 filing..

It's frustrating that they did not do this as part of the phase 1. In hindsight. I remember listening to one of the clinical team saying that they decided to go straight into human testing because they wanted to see if there was any signal if efficacy.

The fact that they are now going back to validate the drug concentration in the tumour is actually positive. It means the efficacy results in the phase 1 are actually good enough to bother doing this.

If they are building a data set to support the business case for licensing by a large pharma, this data would be a necessary part of the picture.

If you look at the trial in detail, you will see that it involves administration of 2500mg for 14?days before a scheduled surgery, with the tissue sample taken at that point. There will only be 8 participants. MCW are undertaking these operations regularly, it will not take long to recruit , and results will be available as soon as the lab analysis of the sample is complete.

IBs trial data will form part of any commercial deal. They own the rights to the data. It is value because it saves a potential licensor from having to waste 3 years running a phase 1.

This,.plus the impending results from the screening of a broad range of cancers, all adds value to the drug as.an asset. I know as a shareholder, the glacial pace of development is frustrating - but that is a consequence of the shoestring funding model.

The Iran conflict has just choked the Strait of Hormuz—shipping is down 90% and air cargo is down 79%. Are We are entering a global Gadolinium (GBCA) shortage? If so, IBAI has the only cleared solution.

The Clinical Proof Points: 50% Dose Reduction: IB Neuro is the only platform clinically proven to provide accurate perfusion maps using 50% less contrast agent. In a shortage, hospitals can double their patient throughput with the same amount of dye.

Validated on 1.5T & 3T: Unlike the competitors, IBAI’s tech was validated in a multi-center study led by Dr. Mark Shiroishi (Keck School of Medicine). It works across all major MRI vendors. If a hospital is low on dye, they must use IB Neuro to maintain diagnostic standards.

Has anyone seen the Nature piece today on organ-on-a-chip?

Kirkstall's Quasi Vivo seems to be the sort of system they are describing?

https://www.nature.com/articles/d41586-026-00563-3?utm_source=Live+Audience&utm_campaign=74b1ffa55b-nature-briefing-daily-20260225&utm_medium=email&utm_term=0_-33f35e09ea-49360092

Tyke - if you want a balanced view - You could try asking the AI Perpleity engine about the prospects for a sale of GaM - its view seems reasonable and balanced IMHO.

I am sure everyone remembers the caveat attached to the CLNs. A redemption price of 0.75p, BUT this is not possible without a capital restructuring. That requires a 75% majority approval (of votes cast) in a general meeting. I suspect that Trevor Brown is unsure if he could command that in the current circumstances.

Unfortunately the complete lack of RNS suggests exactly CV tly that.