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Soul boy. Thanks for sharing all of this. If you don’t mind answering how was attendance yesterday? Did they succeed in getting IIs into the room to listen?

There is a habit of building dates into deadlines or expected inflection points. Not known any that have delivered. Today was part of a process to get the message out. IIs will take weeks to act if they now plan to do anything. But every time Avacta go out of their way to take the profile of a trial where

they’ve seen more data than we have
chemotherapy is working without the horrific side effects
tumours are being hit by a very effective treatment (maybe at higher concentration as in pre-clinical)

It is a good day for the long term value here. I’d love it if we’d gone to £10 a share on some amazing announcement. But I can wait. It’ll come.

What tech he invented? Are you mixing up your Williams?

Wyndrum, I really doubt we see movements as the presentation is ongoing this afternoon. IIs will have investment committees to report back to and a investment process they follow. I can’t imagine buy orders being texted back to the desks. If this impresses IIs it’ll take a while to reflect. More likely PIs get excited once the presentation is released and create a price spike in a day or two if it is really good - as I expect it to be.

Sdon in the pre-clinical I believe the dox in tumour from
AVA vs standard dox was 18x not 30%?

We know already that it has consistently delivered therapeutic levels of dox and has minimal side effects. None of the worst side effect of cardio toxicity. I hope that today two giants in their field will explain exactly what that means in scientific and also layman’s terms for that audience of potential investors. Detailed data isn’t needed. Just to explain that therapeutic means enough to kill tumours. Why people get so focused on the board on an event changing things and being the key I don’t know. They never are. But this will hopefully get the message out to 2 key audiences - IIs and the wider scientific community who will note what speakers of this stature have to say. Today was never going to be fireworks. But is an important step.

Neutronic, your post implies that encouraging II’s to buy shares in the company has no value to a CEO? Isn’t this what CEOs are dedicated to doing for a large part of their time? Dealing with the market to maximise the share price. Other than; making a buy out more expensive, making a fund raise cheaper, making his own shares more valuable, making a move to main exchange or Nasdaq more achievable, I am struggling to think of what the benefits may be and to what end he would be doing this?

Neutronic. I understand the mechanics. Companies all want a higher share price. Which is achieved by having more investors with larger funds to invest wanting to buy. A higher mcap gives lots more options and makes a fund raise if one is needed one day cheaper. Having just raised equity and debt the idea that this is the purpose of Thursday is in my view the most unlikely reason it’s taking place. But of course debate is good.

Touk it may be pedantic but there can’t be an IPO. Avacta are already listed. I wouldn’t pick up on it except there is a lot of talk on here from one or two posters that IIs only buy new issuance which always feels designed to make people fear a raise. IIs like everyone else buy mainly in the secondary market. They have to. London stock market cap is 4tn. Last year total IPOs plus new issuance was 10bn. If IIs only bought new issuance they would have nothing to do all day. Not sure you are one of the ones who pushes that argument but as you mentioned IPO it felt a good time to make the point.

ES close should have read chose.

They just close shares now at 118 instead of waiting and getting them as 1/4ley payments at 95p. Not sure how anyone wil out a negative spin on this. I’m sure a few will try though.

Are we back to this nonsense on how markets work again? Sellers don’t force prices up and buyers don’t force them down. Sellers want a higher price and buyers want a lower price. But the first rule of economics is when there are an increase in buyers (demand) the price goes up. When there are more sellers (supply) the price goes down. Capital markets are about the best example of an efficient market place there is. If the case was sellers push prices up and buyers push it down then the whole of economics would be wrong. I’m not sure anyone who spends their day posting on here is likely to be disproving fundamental economic theory.

It wasn’t a placement by the back door. It was just a placement as they also have conversion rights to equity. Must try harder

Feels like the time to consider the next dose has to be a change to the protocol of some sort. Increase in MCD, shorter time between doses as time to recover not required, or more significant increase in dose at each DE? If it is a change to MCD that means more doses so without much faster or higher dosing that would mean an even longer P1a and June would be a challenge, so maybe one of the other options (or none of the above!)

One thing that occurred to me (while we are speculating) is could they shorten time between doses? 3 week gap is for the system to recover from the wider toxicities. Without these problems is this changed then several cohorts could fit into 6 months.

Paul, it ill be back to one of:

Commercialisation - can’t value this without knowing cost of sale
Fund raise
LFT was going to be great and wasn’t so on that form this will go wrong too

Have I missed any? There is a cycle that are on rinse and repeat. Now the good news RNS is out and ‘delay means bad news’ has gone I expect a move to the lack of a DE RNS as the replacement for that to keep enough stories on rotate.

Debate is good - it is all these sites exist for - but some of the stuff feels pretty transparent.

Starbright. There has just been a placing at a premium. The bond holders hold a convertible which was priced at a premium to the then share price. It feels unlikely that within weeks of a funding round there are any plans for another.

For this happen 90% of shareholders must accept the offer. Then the final 10% are forced to sell.

The 7am we’ve all been waiting for!

Thank Paul. A lot of effort gone into turning an update in December to something to beat the company with. A CEO’s role is to deliver long term success and value. Not keep putting out statements to manage the daily share price and reassure a small number of investors.