Member Info for Noise

Thank you SL100

In my head, I am preparing to break another keyboard if I get some RNS full of dross about "safety and tolerability was achieved".

Feeeeeeeed me PSA data.

Or, if the data is a bit crap and underwhelming, I will scrap off my shares and exchange them for a few pints

I am an old fart who likes Port, I think us Port drinkers are a cantankerous bunch!

There's an easy solution to a lot of this drama, but it is a bit of a 'make or break' situation as far as the company is concerned.

--We have a major 201 dataset that is ready to be delivered. If I understand correctly, an interim RNS will be made available shortly (ish), with a more detailed report at a later time. If this is any good, you would readily suspect the MCAP problem with resolve itself (if it is suitable for 5000 patients a year, it's worth £300m+, depending on the royalty payments)

--There is a reasonable shareholder concern (IMO a valid concern) that Satu is delaying this, to get her equity placements lined up (and secure her own salary and the co's future)

--Beware a few oddballs on this board. It's quite plausible mischief-makers are here with the express intention of crashing the company, securing a cheaper entry point, and/or pushing us into admin

If 201 is any good, perhaps Satu can contact one of her long-term and esteemed 'big boy' partners she keeps talking about. £3m upfront fee to enter negotiations, £50m for the 201 prostate cancer license, £25m for the 301 endometriosis license, £25m for 201 other cancer indications, 5% royalty fee and stagegate payments.

Honestly, I don't see Valirx existing in its current name and/or form in 12 months, I hope that pans out in a positive manner, but I foresee optimistic and pessimistic options. The foggy nature of dataset reporting concerns me, it strikes me they either have nothing, or for some reason are trying to manipulate a tricky sale to a strategic partner "but you guys forced us to do it quickly and cheaply.....". 5 years is a looooong trial (with 2+ years to go P3).

Am I correct that we are "kinda" at the phase 2a stage with VAL201?

With phase 2b/3 required before potential market approval.

Thoth, good reasoned comments there. Looking at some ancient CRT RNS announcements, it seems milestone payments are triggered by the outlicensing or commercialisation of 201, not so much milestone trial payments.

Certain posters have suggested 50% of any lump sum involved in the partnership, plus royalties from the sales.

Nomlungu, I think you might have a decent point about an independent renumeration committee.

Suzy/valiseek have had their own... Challenges recently, but frankly they have run a drug trial company on £200-300kpa for two years now.

After a bit of thinking about strategy. I'm trying to think my preferred options.

Our CFO, the guy in charge of our finances, is a consultant specialising in equity raising, I think I'm going to make a suggestion that Gerry Desler goes. Operationally and scientifically, he is not required to continue the science (minimal impact, no shooting of own foot etc.). His own bloody cv confirms this is his speciality, and he is literally in charge of our finances. I doubt he has any bio partnering history at all,so that won't change anything.

For me, George stays. Depending on his retirement plan, 64yrs old ish.

I'm not blind to the need for capital, but I also think Satu has shown a staggering sense of disconnection with shareholders. How many RNS have I read where "pleased to announce new equity". I don't think she gets it or gives a crap. We are a source of income to her. A role maybe, my preference would be NED or project manager.

201 Partnership required immediately, regardless of preference for 2a,2b or 3. I couldn't give a monkey's about £500m in 5 years time, if I'm diluted another 99%.

We have the 201 data now. So some of this nay actually be practical.

BoD CV's in their own words:

Satu Vainikka CEO: "Extensive first-hand experience of equity financing" "raised funding for a number of companies"
Gerry Desler CFO: "specialised in consultancy work, much of it involving funding and venture capital"

George COO: Medical/technical/research/operations work. Who just happens to be the main public face of Valirx, largely because (IIRC) he had a better stage presence than Satu (I recall some complete disaster presentations years ago, did she turn up at the investor forum without her presentation USB stick, or something daft like that? my memory is foggy going back that long). Shortly after that debacle, George seemed to takeover

Honestly, I quite like the bloke.

He wound me up about 2 years ago and we were a bit frosty for a while.

I did not mean to be a grammar pedant by the way, but it was a key sentence and I could not tell if it was supposed to say "includes the COO and CFO leaving", or if it was just a simple auto-correct/typo.

Believe me, I am perfectly capable of writing with crap grammar, I cannot usually be bothered to spell/grammar check everything on message boards!

"which includes the COO and leaving the Company and the CEO steeping down to a new role as yet to be decided."

Can I clarify what this was meant to say "which includes the COO and leaving the Company" I get the COO bit, but was there another person or word in the "COO and..." text?

I mean whatevs floats your boat at the end of the day. If you want someone to jump, I would personally say whoever was responsible for the EHGO debacle, should fall on their sword. I don't think that was George (I could be wrong). You have the CFO, CEO and Chairman working out the finance deals, George's CV is largely medical/research/project/IP (I'm sure he has an input though).

1 codes are by their nature erratic and manually driven.

It's not beyond possibility that certain pumping groups use them as an unofficial "call-to-arms", perhaps if the newsflow shows a major timeline event is imminently due, or if they were extremely naughty and caught whiff of something.

The obvious thing that has happened is the 201 trial closure, the last time we had that with 401, this share did actually rocket for a week (I wish I'd exited at that point, I had the possibility of exiting at a 300% gain!).

Do the BoD have the temerity to release the results, without using it as a classic AIM ruse to sell off some shares? I personally doubt it, but happy to be surprised.

Maths, the last official presentation we saw included patient "#11" in the 4mg group.

If the trial data now says 18 fully completed, and I think there were 3x patients in the 4mg (i.e. the end). That makes 7 patients dosed in the 5mg, 8mg + random escalation study, that we have not seen data for.

OK it's not huge, but it might be enough.

If Satu seriously cannot get to the end of the 201 dose escalation 1/2a trial, without lining up a potential partner willing to put money on the table, frankly she should just resign. There has been plenty of time to put a deal together without trying to force another equity round on us in a panic.

The 4mg group reached patient #11

Presumably that means 7x unreported patients at 5/8mg we never saw data for. Who the heck knows what they did...

Ha

Begads you are right, would you believe £12k would buy you 20m of this company?

3 years ago, that stock number would have bought you 66% of the company.

I'll admit this is about as absurd a situation as could possibly be imagined

--DOES IT WORK? IF SO, STOP STALLING, WE ARE TIRED OF WAITING
--I accept the company's future is at risk here
--Is it time for a white knight to make a cheeky bid for 201?

If anyone ever was interested in 201/301, they are either waiting to make an audacious bid, or to pick it up for £20k from the administrators.

In the grand scheme of things, I once worked for a company with a global revenue of $100mpa across 6-7 sites and 300+ employees, the MD earned around the same salary as Satu last year. It's not like this was a 12 month accident, this has been 2-3 years of the same with no indication of likely changes.

In my experience, whole threads are typically deleted, rather than individual posts.

I find the "budgeted for the 201 trial report" thing a bit daft. If they have the data, release it, it does not cost much (besides salary) to announce data in an RNS. Unless of course they have to present it through a scientific publication like TAT etc.

Sorry, I meant to say, who represented Valirx at this co?

The lawyer? Kevin, or the Accountant Gerry, or the PR/ops team (uhh, is it Kumar/Tarquin)

The obvious question also being "who did turn up?"

They could not even get the resolution to consolidate the shares, ha, remaining resolutions "withdrawn", ummm, PR way of spinning failed?