Member Info for notrac

I see that N4 Pharma have announced today that they are stopping their development of a product for ED.

Thank you DI for your very helpful message. I presume the numbers quoted relate to the readings of Nitric Oxide in the bloodstream.

Barder's interview reminded me a little of McCarthy of IMM a few months ago with the Phase III trials of Lupozor. Safety is fine but will it show a marked difference when matched up against the placebo?
The last two placings were done at 57p, one two years ago, the other in March 2014. They raised £12 million on both occasions. Lombard Odier, or Henderson as it was then, bought half their holding in 2015 between 25p and 40p.
If FUM want to bet the house on MED 2002, they need to find a much faster way of cashing in on CD 500 rather than a haphazard distribution strategy as described by JB in the interview. Otherwise it will be a placing at around 15p to raise ???

At the AGM , FUM reported "completion of a signnificant out-licensing agreement for MED 2002 remains a top priority for the company and while negotiations proceed we wil continue to maintain the momentum in the product's development". It also reported that it had a strong balance sheet.
Today, it is saying "focus on further development of MED 2002 to optimise optimal value for shareholdrers, subject to funding, with further realisation of value from pain portfolio. In the majority of cases, commercial partners would like to see positive Phase III data.... Consequently the Board recignises the importance to shareholdrs of achieving this milestone (completion of Phase 3 trials) in order to maximise shareholder value".
Basically FUM has failed in the objective it set itself at the AGM. Shareholders do not spend the whole whole summer to discover in September that the company states the bleeding obvious that the company would get a better price with completion of Phase III rather doing a deal before the start of Phase III. Why did it go down this route when it could have got a placing a way at a better price. It is interesting to note that FUM includes the word "majority", this means they may have received some offers but the Board felt that they were going to have give too much away. Heads should roll or as I have said before management's hand will be forced by the major shareholders.

Well this mornings price action knocks the breach of the falling wedge theory on its head. However it now raises serious issues for the company as to what price they can obtain additional financing. I can see the institutions stepping in here (they hold 25%) and either forcing cut price deal from a major so they can get the investment back or requiring changes in management in exchange for further subscription. FUM is not the type of company to go to the bucket shops.

The intraday low in late 2017 was around 22. Likely to revisit that before any meaningful move upside. FUM is not a very liquid stock.

We are still a long way away. I kept stumm at the time but I am pretty sure the previous FD walked because he could see that he was unlikely to collect in the short term. What the RNS does not mention is whether FUM has sufficient funds for the trial.

SP range bound and then all of a sudden the day before results lurches downwards. I am hoping that this is a good sign.

So long as there isn't the need for a placing, JB will be able to hold on.

The pension deficit is just above £200 million, manageable. Costa was going to be floated for around £4 billion anyway. Just saves a lot of hassle.

Not until Sept 26th. Either the new CFO takes two weeks longer than her predecessor to add up the numbers or James has given himself a further two weeks to get a deal in place.

I recall last year that the difficulty was finding the project finance. What has happened to that?

Agreed that the stock is very highly valued, but the float (about 40 million) for such a company is quite low. Management and Institutions are holding tight. As long as this policy carries on, and the company keeps churning out results ahead of expectations, the price will stay high.

When they say net debt, I read that as stating that the loan balances exceed cash by 15 million, therefore the debt is around 60 million. At year-end the number for net debt was 24 million (cash balances 40 million, loan balances 64 million).

The accounts have been published. Not sure if market will like decision to defer some of the spend to the current year and allocating the losses evenly over a number of years. �800K fees and expenses for the investigation!

@ragnar Agreed. Had it my diary for this morning. Having said they would publish on May 31st and then missed that one, a second delay doesn't bode well.

Strangely no mention in the RNS about the results of the patients from Mauritius.

They've now proved that the can produce. Hopefully Ramadan, starting next week, and the rainy season can be managed without a noticeable reduction. The challenge now is to extend the life of the mine.

I don't want to rain on the parade but Trans Siberian Gold who also had results today. It is an interesting comparison. Of course there is a large discount because it is in Russia.

LO have reduced slightly.