Member Info for PhilBanks

Difficult to say really. He didn't become a bad stock picker, but his abilities as a fund manager (i.e. when the shackles were off and he could invest with fewer restraints) was proven to be unsuccessful.

The issues (from memory) related to the high number of illiquid investments he held. When the funds started performing badly and people wanted to withdraw their money, then it became impossible to sell the investments at fair market value. Shorters started circling, and any publicly listed company he had a significant holding in became a target. Retail investors in those companies realised the threat, and started dumping stock. The entire thing became self-perpetuating, and Reneuron got damaged as a result.

Rene was providing data that should have seen the company going up in value, but instead the sentiment was shot and any early morning spikes following an RNS quickly faded.

I've stated this before when someone was asking why the company didn't have foresight to issue shares at £2.50p 20 months ago, as opposed to 70p before Christmas. In my opinion Rene are the victim of circumstance with the Woodford fiasco, followed by the Covid crash, and then the price just didn't recover because investors knew that the company would need to raise capital and issue shares.

If the Woodford fiasco had never occurred, I do seriously think this company would be comfortably in the range of £3 to £6 now. But what happened, happened.

If Woodford was to invest in Rene again, then I'm not sure how I would feel. He remains a good stock picker, and this time round his fund is only dealing with professional investors who are going to be less jittery. If he wanted to buy a large stake in Rene, then it would in many respects be reassuring. But his support is no longer required here, and I'm confident that the company will deliver significant value for it's existing shareholders, without the need for any potential negative connotation that Woodford may inadvertently bring.

Also booked onto both events, but personally not expecting to hear anything explicitly new, think the close timing of the events is just coincidental. Would be happy to be proven wrong though.

Further exosome validation, as Evox raises $100m for their exosome programmes:

https://www.telegraph.co.uk/business/2021/02/18/british-biotech-evox-raises-nearly-100m-us-investors-pile/
https://endpts.com/evox-raises-95m-as-emerging-exosome-tech-begin-to-hit-the-clinic/

"Oxford biotech spin-out Evox Therapeutics has raised nearly $100m (£69.2m) in an oversubscribed third financing round as it continues to develop a ground-breaking technology to transport drugs directly to where they are needed in the body."

Follows on from Codiak completing a $66m public offering yesterday:

https://www.globenewswire.com/news-release/2021/02/17/2177525/0/en/Codiak-Announces-Closing-of-66-4-Million-Public-Offering-Including-Full-Exercise-of-Underwriters-Option.html

Regarding exosomes, Olav stated in the 6th Jan analyst presentation:

"The second program, the exosomes. Now we have a high-yielding GMP platform for exosomes, producing exosomes from our neural stem cells. We've proven that these exosomes are able to load, be loaded with siRNAs, miRNAs and proteins. We also discovered that they have a favorable distribution across the blood brain barrier, but can also go to other tissues in a targeted fashion. So they -- although exosomes have multiple different potential uses, what we're focusing on is using them as a delivery vehicle for gene therapy, and we have 3 pharma collaborations ongoing right now on that."

"Below the line is the exosome side. So we expect further pharma collaborations to be signed this quarter. There is -- it's actually more of a bottleneck on our resources rather than the interest out there, so we can pick and choose a little bit on those. Over the next 6 months, we expect proof of clinical -- proof-of-concept data in animal models for the delivery of the different payloads that we are working with right now, so that will be very important to validate that entire approach. Given the positive proof-of-concept data in one collaboration, we would expect that to lead to an out-licensing deal with that party that generated that in the first place."

Link to the video that Clive was referring to:

http://www.reneuron.com/news-list/bbc-breakfast-news-interview-stem-cells-used-in-stroke-treatment/

Worth bearing in mind that CTX is now seen as the 3rd most important programme for Rene, despite what you see on that video above. A man with a completely paralysed arm who couldnt walk, but is now able to stand up and touch his face after being treated with CTX.

This is for a company with an enterprise value (ie MCAP minus cash reserves) of less than £50m. These treatments work and the potential is huge.

Thanks Clive. Unfortunately I think Rene is just listed on the wrong market for it to be fully appreciated. I firmly believe we are starring significant value right in the face, but even then it can be difficult to recognise. It's human nature to think like the herd, and the herd has concluded over a number of years that this company isn't worth very much.

Granted there are obstacles to overcome still, and I wouldn't suggest that risk does not exist on this or any other share.

However, I do believe that if this was listed on the NASDAQ then the value of the various platforms would be rapidly recognised.

Cathie Wood from Ark Invest (Google her if you've never heard of her, but safe to say her opinions are pretty well regarded these days), talking in 2018 about the genomics revolution.

https://www.youtube.com/watch?v=7kJEJXu97-U&ab_channel=RealVisionFinance

I would recommend watching the full thing as it's very interesting in general. However, if you are short on time, you can skip to 13m30s and you'll hear her talking about pluripotent stem cells, stating "we do not think investors are pricing this space correctly at all . . . . the revenue opportunity for monogenic stem cell therapy is in the 2 trillion dollar range, and polygenic is however many trillions. . ."

Fortunately for us, Reneuron has well established technology in the field.

http://www.reneuron.com/products/induced-pluripotent-stem-cell-ipsc-platform/

And here is Olav discussing the iPSC line during the analyst call on the 6th Jan 2021:

"The third platform here is iPSCs. So induced pluripotent stem cells, a very hot area for research as well. We've been able to take our neural stem cells and engineer them back into becoming iPSCs while preserving the immortalization. And that means that we're able to create large volumes of these iPSC cells. And this is the biggest issue in the field. So we think that we have an opportunity to craft that. The holy grail there is to create allogeneic CAR-T cells, and that is our goal."

Read that earlier. Excellent summary and detailed extrapolation of the figures.

Thanks dactions. I think if they achieve all three of the criteria for the options, then the journey will have been worth it for the long term (suffering?) holders. And let's face it, if they get the hrpc programme to a pivotal study, then the other two criteria would almost certainly be achieved as a consequence.

Listened to the Jan 6th analyst call again over the weekend. Picked up various interesting parts that I had missed on first viewing, but one thing that really struck me was the closing remarks from Olav.

"Thanks, everyone, for your interest and participation and all the great questions. I'd like to thank investors for participating in the fundraise as well. It really gives us an opportunity here to create some really amazing opportunities over the next year both for our hRPC program for retinitis pigmentosa as well as for the exosome program. So thanks all around to everyone, and we're looking forward to a exciting 2021. Thank you."

Couple this with the RNS we had the other day about the share options and the criteria for the options to vest, and I am beginning to think the writing is on the wall in terms of what they might be about to deliver.

Some of the peer comparisons made in the presentation are also quite an eye opener. Both in terms of the value of deals being made, and also the value of the companies in question. Really looking forward to the coming weeks and months.

It's getting licenced for development through regional programmes. Funding for a phase 3 stroke treatment would be enormous. The drug could work and shows promise, and if it does work then great. However Rene won't get as much in return as they might have if they'd some how managed to fund it through phase 3 themselves.

The hRPC programme is vastly cheaper to progress due to the relatively small number of patients that would be required for a pivotal study. Exosomes programmes should be funded by the pharmas would they have signed collaborations with to test them pre-clinical.

Both the hrpc and exosomes are also seemingly much more likely for success, it would appear. Look at CTX as a potential bonus, that's the way I see it.

Treeshaker on 12 Feb 2021 14:15
"Before the CTX program was discontinued"

Treeshaker on 25 Dec 2020 20:08
“I agree that an announcement on the other technology areas would give a boost. We could also get news from Fosun on their CTX/RP progress. I still think CTX for stroke has great potential - it could be a real blockbuster. Once COVID is finally put to rest, there is potential for more interest in that program. RENE stated. In the placing document that they are spending £4M on legacy programs which I believe relates to an orderly shutdown of the stroke ph2b. I am hoping that they obtain usefull data from the study and that this further derisks funding to completion in future. It is not uncommon for trials to be unblinded part way through in order to test for futility.”

Treeshaker on 04 Nov 2020 16:39
“I still believe CTX could be blockbuster but trying to run a clinical trial in accute stroke anywhere apart from COVID-free China would be madness. RENE have nothing to lose by parking this for a year - by which time they may have significantly more resources due partnering (hRPCs or exosoms) and a CTX trial up and running in China.”

No new information regarding the CTX programme has been announced by the company since the research update on the 17th June 2020 that stated;

"The Company's stroke disability programme with its CTX cell therapy candidate will continue through regional partnerships. ReNeuron's exclusive licensing partner in China, Shanghai Fosun Pharmaceutical Industrial Development Co., Ltd. ("Fosun Pharma"), will develop the Company's CTX cell therapy candidate for stroke disability in the licensed territory (Greater China including Hong Kong, Macao and Taiwan) where the Company has the potential to benefit from future operational and regulatory milestones under this out-license agreement. Clinical trial applications have recently been filed by Fosun Pharma to open clinical sites in the licensed territory to build on the clinical data already generated in the US. Patient recruitment in the PISCES III Phase 2b study with CTX in stroke disability, which has been on hold due to COVID-19 related restrictions, will remain suspended in the US for the foreseeable future; clinical trial sites will be kept open and patients already treated will be followed up over time in line with the clinical trial protocol.

The Company's CTX cell therapy candidate will be made available for licensing in stroke disability outside China. Positive data from the PISCES II Phase 2a clinical trial of CTX in stroke disability were recently published in the Journal of Neurology, Neurosurgery, and Psychiatry, available via the following link: http://jnnp.bmj.com/cgi/content/full/jnnp-2019-322515"

Treeshaker, your posts are pathetically transparent and if you continue posting misleading statements I'll continue holding you to account.

Would be nice to have the option to buy a huge number of shares for a massively discounted price once you've achieved the things you've been promising to achieve for years (and getting paid handsomely).

That said, if they do achieve all three of the criteria, then I won't be complaining - I'll be too busy stuffing my face with lobster and champagne.

It's just the nature of the beast unfortunately.

Thanks hyper, think I clearly need some coffee as missed the 'don't vest until 3 years' part.

Share option grant - to confirm, the grant means the option to buy the stated amount of shares when certain criteria are triggered?

Which of the criteria has been achieved? Can anyone elaborate, or am I missing something here?

Apologies Acuere, only just spotted that you'd already posted that link.

New research note out today: https://www.trinitydelta.org/wp-content/uploads/2021/02/MaxCyte-Update-210208.pdf

"MaxCyte’s FY20 trading statement shows 21% revenue growth to $26.2m (H220 up 15% to $15.3m), despite COVID impacts. Potential pre-commercialisation milestones have increased from >$800m to >$950m, with 140+ partnered programmes and 100+ covered by clinical licences. This strong performance accompanies recognition of the role of MaxCyte’s technology platform and know-how in enabling next-generation cell and gene therapies. Momentum is expected to flow into 2021, with continued revenue growth and new deals. Increasing visibility of the progress of partner clinical assets improves understanding of how these future income streams will drive major value. New funds raised should help augment MaxCyte’s leading position and have attracted further specialist investors ahead of the NASDAQ IPO. Our £1bn ($1.3bn) valuation (1217p/share) better captures potential value from the partner pipeline."

Sounds good to me. Only wish I'd invested 6 months ago.

Would have also presumed it should be 'drug in the exosomes'. Anyway, sounds like a promising study, and potentially further validation of exosomes for use in any manner of treatments.

Bandofhorses - fully agree; it was that post that really irked me too.

Hi Chester

I doubt anyone would question your intentions or credibility, I always find your post balanced and informative.

Treeshaker; I would point you towards this article, in response:

https://www.biospace.com/article/cell-and-gene-therapies-shatter-prior-records-with-continued-growth-expected/

“2020 was a record-shattering year for financing, with $19.9 billion raised in 2020, up from the $9.8 billion raised in 2019 and the $13.3 billion raised in 2018 – the previous record,”

“More than 100 clinical trials commended in the fourth quarter alone,” Lambert said. “Roughly, they are divided evenly among cell, gene, and IO. With 152 trials in phase III and nearly half of those in gene therapy, this offers strong support for predictions by both the FDA and EMA that there will be 10 to 20 advanced therapies approved each year through 2025.”

'What people often forget, Lambert said, quoting Amy Price, a mother of two gene therapy recipients, is that cell and gene therapies aren’t “some fantastical futuristic thing.”'

With regards to exosomes; clearly they don't even have to be at clinical stage to generate potentially huge collaboration deals, as outlined with the Codiak and Evox deals that have come out in the last 18 months, when all they had was proof of concept data from animal models. They may never translate to actually approved treatments, but as long as some deals come, then the Rene share price will be substantially higher. That's the point.