Member Info for MBUski

Should have added that Vulpes already have one... Charlton Aria Acquisition Corporation.

Could it just be via a blank cheque company?

A deal condition to relinquish all other interests?

We can only hope!

Something certainly seems to be afoot. Before Xmas I mentioned that I had asked Phil where the Modi update was and Chester rightly corrected me saying the Phil had covered that in the presentation I had missed whilst in Costa Rica. I subsequently got a response from Phil saying it would be Q1. Going into the last month of Q2 and given the continued radio silence, I re-asked the question of Phil and have received a brief response saying that they are continuing to follow-up patients on the Modi-1 trial to allow the data to mature as far as possible and, as with the iSCIB1+ SCOPE study, that PFS is the better endpoint to demonstrate clinical benefit. Given this readout has been overdue for such a long time, I cannot see how a couple of extra months at this stage makes that much of a difference, which given the promise of Modi suggests to me that the most probable cause of delays is protracted commercial discussions in the background. Let's hope it's not the alternative! Fingers crossed.

Jhfh don't be so condescending, of course I understand. They put no money up for equivalent to 20% stock. They'll never put the cash up it will be netted off in the sale.

You can't be serious, theyre not putting up any money and the dilution is huge.

Thanks guys, I come from the school where once set, expectations are there to be managed. Personally, I wouldn't leave dates to just expire without further explanation and find it difficult that many UK company execs either don't understand or choose not to adopt this concept. The US is a lot better. I wonder what UK valuations would be if they did. Ho hum, we'll have to wait and see.

...that we'll get a modi-1 update anytime soon. This was first scheduled for H1 2024 and has slipped at least 3 times to my knowledge. We're heading into the last month of H1 2026 Q2 and whilst there's a lot of expectation, there's complete radio silence across the board from Scancell. Does no news really means the next news will be great... hasn't generally been the case with Uk biotechs.

Pumpky, thanks, I'd forgotten that happened in 2023. Maybe there has been some development going on in the background. If so bring on the next RNS

Hemo hadn't been forced into putting CBR on the back burner by the US reducing it's biodefense funding, there might have been an effective vaccine to tackle the current Ebola outbreak and we'd potentially be looking at a value inflection point. CarT is one thing but CBR has always had the potential to be the holy grail and do a lot more good for humanity as a whole. Maybe this will get revisited...

Really appreciating the rise in share price, but would love to know who the big seller is. Remember the call where they were questioned on this and they stated that it was an instituion who had a technical issue and that it would soon be resolved. That was months ago!

Unfortunately it's not going to overcome the lack of trust caused by the huge raise last year. I didn't agree with what they said in the last presentation when they said the depressed share price was down to poor communication and they would give more of these types of updates to boost the share price (I communicated this back to Huw). It's clearly not working. Confidence will only come on deal news, surely they can identify a compound in their portfolio that they can sell the rights to, or partner on, that rebuilds confidence and trust that they have the necessary commercial skills to deliver value from the portfolio. The fact that Vulpes (major investor in Scancell, one of my other investments) came across in the deal to acquire Chronos is one of the reasons that I continue to hold.

...there's just no value in internal process updates!

The sale of GT is the most likely near term crystallisation event, IMO, albeit I've been thinking this for a couple of years now🤣

That is... unless a deal is done to sell the entire company in it's component parts to different parties🚀🚀🚀

Having been through one phase 3 trial that concluded at the end of the last decade (2018 from memory), albeit one that was partially successful for one part of population of the cohort, and RNS updates in early 2022 (4 years ago!) raising the expectation of the still upcoming phase 3 trial with Avion, I have to admit that even a mildly good RNS such as this, has left me feeling quite deflated. What a drawn out journey! Let's hope for some commercial news soon!

Key takeaway for me was that the sale of P140/IMM is not on the table and full recognition of the value of P140 is some years out, hence the need for an interim story around Kapiglucagon. Difficult to see a massive re-rate on news if we are left in a multi-year milestone payments based development programme on which we have even less control.

On other fronts...

Avion feels like a continual drag on progress, not sure what, if anything, they have brought or bring to the table.

Given the licensing approach for P140 will hand development responsibility over to the partner, would Seb have walked if Kapiglucagon had not been brought forward, it is clearly his baby, and ultimately will he be looking to transfer to the new partner if/when a deal is done on this?

As I say a lot to think about, the can seems to be being kicked down the road...

You may be right, and in the light of that, my hope is that this they've looked around at the pipeline and picked something out to use as a justification for the need to raise some capital in order to let some investors in ahead of a deal. Based on what was said in the RNS, Lanstead are fronting this for these investors. Whilst galling, I really hope this is the case and ~20% dilution could be worse.

Never have I been more pleased than to have got my original stake out on the spike - ffs!!!

With milestone payments due, it makes an incoming bid for GT much more likely. IMO

A prospective deal makes the sells even more perplexing, unless that is, a fundraise is being considered as a fallback option and someone needs the headroom to participate and not trigger a full takeover!