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Nobody was willing to pay because the program had not been renewed. Now it has.

The value arrived last night. The designation is now worth alot.

No we dont . But someone will be running the numbers right now. A paediatric trial will probably cost $10m. That's a 10x or 20x return, if successful.

If the company releases a very low key announcement, or fails to issue any RNS at all, one has to ask why.. Who is likely to benefit from a low share price?

Yesterday (Feb 3), Trump signed the 'Mikaela Naylon Give Kids a Chance Act.' It’s LAW. The PRV program is officially extended to 2029.

FACT: Jazz Pharma sold a voucher for $200 MILLION three weeks ago. OS Therapies (OSTX) confirmed the $200M valuation in their filing on Monday.

THE DISCONNECT: IBAI has TWO of these pediatric designations. At a £1M market cap, the market is pricing these at 0.5% of their sale value.

If you believe GaM and the associated IP/PRV has value, then it does not take too much imagination to realize that a placing at sub 1p now would allow "harvesting" of some of that asset value. The only way to prevent this would be to vote against a Share Capital Reorganisation. To pass a Capital Reorganisation (Share Subdivision), IBAI must achieve at least 75% of the votes cast at a General Meeting. Given the holding of the largest minority shareholder, Truetide (72,415,862), you would need around 25 million votes against.

IBAI is governed by the Companies (Jersey) Law 1991.

I am not surprised. GaM is an asset that will have differing value at different stages of the development lifecycle. A de-risked phase 1 drug with well-presented safety and early efficacy results is attractive to big pharma. A sale was always much more likely than a phase 2. It also means that the imaging business is clean - it's now a software business, and could be of interest to one of the bigger players. Drug discovery and software development really don't sit well together and would not be attractive to a buyer.

Https://www.cnbc.com/amp/2026/01/07/big-pharma-race-to-snap-up-biotech-assets-as-170-billion-patent-cliff-looms.html

There is also the pre-clinical period that GaM acts as a radio sensitiser. This is due from MCW in the near future. The initial research was published in SNO pediatrics last month, but the article stated that confirmatory trials are ongoing. Investors may not realise how significant a positive outcome will be for GaM. It would have a dramatic effect in the commercial attractiveness of the drug for combination therapy and would likely shape a phase 2 trial.

Give that it was passed unanimously, I think that's a high probability!

Well spotted Max..

The vote on the Mikaela Naylon Give Kids A Chance Act (which reauthorizes the FDA's rare pediatric disease priority review voucher program) took place in the U.S. House of Representatives on Monday, December 1, 2025.

The bill passed the House unanimously, and it now advances to the Senate for a vote.

Google Geminis view..

The median upfront payment for high-value oncology phase 1 assets is clearly in the $25 million to $50 million} range. GaM's Position: GaM has successfully passed Phase 1 (safety) and shown compelling early efficacy signals (survival data). It is also positioned as a novel radiosensitizer and metabolic disruptor with applicability across the large markets targeted by the Vivan partnership (colorectal, lung).Valuation Justification: This puts GaM far above the lower end of the early-stage deals. The strong Phase 1 data and unique mechanism support an upfront payment that could realistically fall in the $40 - 80 million range

Based on the RNS releases regarding the Phase 1 trial of Oral Gallium Maltolate (GaM), here is the timeline for when the patient recruitment milestones were reported:

📅 Timeline of Phase 1 Patient Enrollment Milestones

1. Nearing Completion (The Final Few Patients)

Date of RNS: Friday, April 11, 2025

Status Reported: The company announced the study was "nearing completion, with three subjects left to be enrolled in the expansion phase". This provided a clear indication that the enrollment process was winding down.

2. The "Soft Close" (No New Patients)

Date of RNS: Monday, July 21, 2025

Status Reported: Imaging Biometrics announced a "soft close" to the Phase 1 trial.

Implication: This meant that while the trial remained active for currently enrolled participants, no additional patients were being recruited. This decision reflected that the trial had achieved "sufficient enrollment to meet the trial's statistical and operational objectives" and allowed the team to transition immediately to data consolidation and Phase 2 protocol finalization.

3. Formal Completion

Date of RNS: Monday, November 10, 2025

Status Reported: The company announced the successful completion of the Phase 1 clinical trial. The trial had enrolled 26 patients in total.

In summary, the last few patients were enrolled sometime between April 2025 (when three were left) and the "soft close" in July 2025 (when enrollment stopped). The company achieved its target enrollment of 26 patients.

You need to look at the timeline of events. The last two patients were recruited middle of the year. The secondary endpoints are measured at 6 months. That means the end of 2025 for final data gathering. I would then allow another month for data analysis. So, q12026 is likely. The 2026 ASCO closing submission date is end Jan, which ties in nicely with this.

Because he has influence in the field. He foundation has campaigned for funding for many years and he has good political contacts and channels into other patient advocacy groups. He was the initiator of the GaM expanded access program and raised the initial funds to launch the program..

Maybe he did not feel it appropriate to be tied too closely with a single company. The foundation does fantastic work raising money for treatments and research. There's also some liability in being a director that he may have decided is not worth the meagre payment he was receiving!

I have highhopes for next year because:

1. The efficacy results of the phase 1 should mature and will be lilley to released in 1h2026. My best guess is ASCO 2026. The closing dealine for submissions is end of Jan. This is the world's premier Cancer conference and big pharma will have their scouts out looking for de-risked phase 1 assets.

2. The Give Kids a Chance Act has bipartisan support, and there is a good chance it will pass in 1H2026. This would reauthorize the Priority Review Voucher (PRV) program.

3. The preclinical work on confirming GaM is a radiosensitizer will be published. This is a game-changer because it means that it acts synergistically with radiation treatment.

4. 1. and 3. are highly likely to result in Breakthrough therapy designation from the FDA.

5. All the above mean that either a partner will be found, GaM will be acquired, or the company will be bought out..

Just my best case scenarios.. Worse case scenario is limping along for another year with further dillutive cash raises. On balance, I think the prospects of positive news are good.

Selling out immediately before the IB team present at the world's premier and largest neuro-oncology conference in the world (SNO). Hmm...

The results confirmed that the addition of GaM "did not alter" the safety profile and showed no signs of metabolic change or damage in the surrounding brain parenchyma (healthy tissue).

This is very significant.. AstraZeneca's radiosensitizer AZD1390 had a 4-10% discontinuation rate due to toxicity. However, they still agreed to fund participation in an arm of the GBM-agile P2/p3 trial to test it's efficacy. GaM's excellent tolerability and interim efficacy results suggest it may be a stronger candidate. Presenting at SNO is big news...