Member Info for rhubarbmk2

Thanks Jim - much appreciated.

Not going to lie - if you're not ruffling feathers, you're not having an impact, and I'm a big lad, so I'm more than happy to suck it up :-)

No deal > no "good" news for a year > another cash raise. See my post yesterday at 15.15, my petal. I said 6p. We agree!

See the "upside" potential I wrote too though.

Last time I looked, and I could be wrong, but the above is the whole raison d'etre of AIM investment, is it not?

You have to balance, and look at both extremes.

Everyone's free to buy or sell. Do your own research. Come to a view. I don't think anyone should buy or sell based on any one's postings here. But my advice, if you do want to stop people buying (I assume you do by the content of your posts - out of wanting to buy lower, fury at the BOD, general concern for others; whatever your motivation) is to bring material substance in. A full breakdown, as it were. Opposing views are good! Top tip: I'd go for more than one paragraph/sentence, personally.

Again, I couldn't care less who buys or sells. The longer the SP is anaemic, as I see other events unfold, as my esteemed friend Porky would say, I'd have the opportunity to buy more, if I saw fit.

I don't know why the white knights feel I am ramping, or why it scares them.

DO NOT BUY SHARES BASED ON MY MUSINGS. If I put this disclaimer at the bottom of all my posts, would that help?

Enjoy the weekend, as I am.

Fair enough Nomlungo. You and others can give me some stick if the SP crashes. I'll take it.

Can I call you and the other white knights out though, if we go up; say over 15p? Seems fair enough, no?

@CB; Iceman's one of my favourites, so the feeling is mutual. We worship together at the altar of graft and opportunity; sipping from the communion cup that's usually half-full.

Talking of which, the FDA seem really keen on accelerated approval for TNBC candidates, so it looks like the new King's compound, which I'm expecting to hear more about soon as it transitions into its SPV, could be the "Crown Jewel" of the new Women's Health strategy. Nice.

Don't forget, Gilead's Trodelvy is aiming for 4-5 billion USD peak sales in this therapy area. The new compound, to my eye, looks like it not only could be a combo therapy, but also a potential monotherapy. Even nicer. I won't tell you how much Gilead paid for Immunomedics, who developed it, as to be fair they did have some other compounds also. Okay - it was 21 billion.

Again, the point is that I'd rather have a 10MCap with 2.5M in the bank, and 2-3 runs at good IND packages and royalties per year; generally in oncology, than, for example, a 200MCap trying to work out how to fund a Phase 1.

It's all personal, of course. I'd be a tad worried to invest in cinemas in the age where I can enjoy a few pints and Stranger Things on Netflix. But am I worried to keep my money here for a bit. Honestly? Not really.

OB is right, of course; he usually is.

The point is CB; we're both shareholders. I've been speaking to a pal today about a project, not dissimilar to the TNBC drug. I'm hoping to get more details, but there's some serious investment in it; 6-8 times our current MCap.

Look; I cannot deny that there have been short comings - mainly regarding timings, in VAL. But I also cannot deny that that Suzy has worked her socks off, and, to my mind, she has suffered a series of misfortunes; notably with timings.

You can say that the management have been "green", but you cannot say that they have been charlatans. It's not horrendous.

2017; RedX nearly went bust due to a Liverpool City call in of a loan.

2021; SNG ran a clinical study, using the most convoluted set of clinical endpoints, with a pea shooter alongside a dexamethasone Gatling gun.

2022; 4D over-reached with a somewhat narcissistic platform; spinning too many plates; some, in my opinion, made of water.

The point is that the BOD and, in particular, Suzy have suffered. And personally. Honestly, she could walk away with ease. She'd be lapped up by big Pharma. They'd quadruple her salary. You and others may want that. Me; I think that would be a mistake.

Sometimes you go back to the drawing board. Find your strengths, and build them. Get support where you need it. Graft. Knuckle down. She already does the latter two.

She has a point to prove. I'm sticking my neck out here, but I think she'll do it. It's a skeleton crew, and I'm giving my support.

I've never been one to bow down and "support the leader" at any cost. I was told to do that 10 years ago with a VP of a global Pharma I worked for, and I wouldn't do it. I left the job.

I'm not asking for unconditional support, but a slight let up in personal side-line sniping would go a long way.

All the best to you.

As a final point, I'd like to add something about momentum. I've seen it time and time again.

It's like buses on biotech AIM. You get the first "hit"; it's always so hard to do, and many fail here, as VAL still could.

But if you get it, it gets easier, and easier, to get the next deal, and so on.

So I wouldn't give advice, but I would say enjoy yourselves if a deal comes in, because there would likely be more.

This is for Southern ;-)

Downside - no news for over a year - re-raise at 6p. SP stays at 6p.

Upside - 201 deal; KC TNBC gets to IND; one of two remaining test articles gets sold for a 200M package following efficacy trials in isolation; 301 is brought to IND status. VAL now have a new Medical Director and 3-4 SPVs. SP is now well over a quid.

This isn’t ramping; it’s called balance. Fortunes change; lessons are learned; momentum is built.

I’ve trawled through several of these types of posts, and I’m left scratching my head, because there’s just nothing there. There’s no construction and very rarely even any humour. It’s just a vacuum of self-pity. And I’ve lost more than anyone on paper mate, so yes - I can say it.

I’m a good doomster you know. I could sit around, never offer anything, and just moan. I’d be ace. But no, I chose to get more involved and see if I could in any way make some positive impact to the proceedings. This is not “special measures”, as you try and cleverly state. This is the following:

I saw some potential in ongoing, and publicly disseminated, events, whereby I felt that some momentum could be built. For example, studies that I felt could and should be RNS’d, at the appropriate time. Some work that is quite laudable I didn’t feel was getting the exposure it deserved. There were other things, as a retail SH, that I felt I could more formally bring to the BOD’s attention – small but not insignificant ideas, of mutual benefit.

Believe me, I’d much rather have just sat back and ****ged the BOD off ad nauseum, but that’s too easy, and too boring. A bit like your posts.

So forgive me if I sometimes come in with my own guns. But some of you lot have been getting away with it for too long, so I will occasionally bite back. Have a good afternoon.

I was waiting for this. I do try and make some fairly contributory posts on here, but do also sometimes diverge into a bit of self-indulgent mud-slinging. My bad.

And do you know what Cobalt - there’s always someone smart – always just like you - who’s been waiting to pick me up on it. Storming in. Congratulations.

I could choose not to post, Cobalt, and just sit back and watch the likes of yourself wallow in your own self-pity, but I think sometimes it’s good to put a balanced, if more positive, spin on events.

I’m not a BOD member, and so my “childish” rebuttal of a previous Director is not a concern for your investment, or the Company that you still chose - yes - still chose - to invest in. No one has a gun to your head here.

Tell me. You have a price where you will “get out” - was it 30p or something? But yet you come on here repeatedly; day after day, to pour scorn - and not really ever in an impactful way, or with any substance. Just moaning. On the sidelines. Moan, moan, moan: “Another AIM disaster…” “can’t wait to get out”.

If you really believed what you are typing - and this goes for anyone who just chews wasps on here - day after day - then why on Earth do you think you’ll ever get your target? It’s the “Moaner’s Paradox”, as I call it. “The Company is a dog’s dinner, so I’ll wait for a 200% SP increase, and then I’ll be off”.

Did you not get any big pharma interest in 201 during your tenure George, or was it more a case that they said "Why the F have you taken 8 years to run a Phase 1?".

That's the issue isn't it, and that's why it's getting refreshed, which can only be done by a very small handful of people.

You blew it with incompetence, and yet here you are, once again, trying to absolve your own brass neck.

You can't rewrite history son; the extended implications of 201 are down to you.

If Suzy pulls this off, which she tells me she will, then she will have essentially resurrected the biggest example of a clinical study cluster fk in the AIM, and that takes some doing doesn't it my flower.

Porky - neither Nick or myself have bought any VAL shares since the placing, and you have insinuated that we've "propped up" the SP; two or three times now, in the last couple of weeks.

I gave you a *relatively* free pass on the "loads of fledgling biotechs are trading below cash" statement. But I won't do it twice. Think before you type, son.

I've screenshot it btw, so you don't need to resend. Although in the interim, these are probably fairly bob on:
1. Because they're a start up, they've had no money.
2. I doubt it, as the deal will go through if the money lands, and if the money doesn't land, there won't be anything to pay with.
3. There's several, but one of the main ones is end of 2020's; hence why the product will more than likely be reformulated and repatented, before TXs big clinical trial.
4. Contingency plan is to give back to CRUK, or bring in house for reformulating, repatenting, and remarketing here. Cost and time implications obviously. Maybe a million quid and 1.5 years. But yes, it is doable.
5. As above.

Southern; when I'm collating questions, I will let everyone know. But I can't check every post, on every BB, outside these windows, in case someone posts a question. Any decent ones I'll ask, if people don't want to ask for themselves, which I'll assume you don't.

Fair enough Porky, and I feel for all 4D and SNG investors. It's been tough, and we should want the whole sector to do well; I certainly do. But - genuine question. You said that "several fledgling biotechs are trading below cash". I'm genuinely interested as to which ones, as these are my favourite prospective buys. I just want to piggy back on your knowledge, to add to my list. Who's on your list?

Porkster - who's valued at less than their MCap in terms of fledgling bio's (and valued by whom)?; or do you mean trading below cash? Wasn't sure, but saw you make the point twice now. Interested in either. Thanks.

I agree. The issue is that this isn't a platitude; it's something that I pushed for, and something that many larger holders have been pushing for.

It's easier for them to say screw you, stop all comms, go off to other jobs, and leave us to find replacements.

Maybe this is what many want. At this stage, I think that would be a mistake, personally.

I'm already having conversations with the team about strategy, and our views, at length.

Taking one day off and then going for the throat again is not helping. If everyone wants to do that, fine, but at least give it a few weeks, rather that a few hours FFS.

"You don't have to tell me about the management shortfalls in the above; how things should've been stewarded better; the resultant loss of confidence; and the loss of credibility".

My post avoided culpability? Well OK.

Here's the likely scenario:

SP was 25-30p; the deal was expected to then raise the SP, when we could then issue shares, at a premium, for either an acquisition, or for projects. A proven strategy of revenue generation.

The deal did not materialise as planned. Yes - the raise should've been done long before, and, as me, you wager that this was poor planning and disappointing (to put it mildly) foresight. All eggs put into the TX basket, with no risk to them.

The SP falls to 18p. You now have to raise, but the City can now, by unfortunate timing of their issue, see your accounts, and start taking the p!ss. You're cap in hand, so some of the bucket shops chance an offer at 10p.

You take it, or you go bust.

You don't have to tell me about the management shortfalls in the above; how things should've been stewarded better; the resultant loss of confidence; and the loss of credibility.

But if you're *really* at absolute zero, then you ain't ever gonna get your target, or ever make a profit, so you ship out fella.

If, like me, you've seen the TNBC information online, you see the new compounds and the strategy to put them into stand-alone, risk-mitigated, fast, efficient, shiny "companies", and, like me, you wonder why no one else is doing that, then you keep your punt, get your pecker up, and try to see some light. This bit of the strategy IS going to work.

You like cars. If you're a mechanic, and you see a 1980 BMW M1; perfect, but with no tyres, and you can have it for £100,000, and you happen to have the right tyres in your garage, you buy it don't you. It's a no-brainer. Well that's me in drugs pal, and I know how to do that, and I also know the strategy and how they plan to do it, and that part is right.

The easy option is to sack the BOD; just one letter required - but let's face it; they're not shysters, so I'm just not going to do that. And at such a critical juncture, its a personal strategy that would be hard to run with, for anyone new.

Everyone is independent and can make their choice. It's good to complain, and it's good to thumb screw the BOD of any company, periodically, but it's excruciating to be a miserable stuck record in every contribution you choose to labour all the other SHs with, no?

I'm probably still blocked by you, so you won't read this, but that's my take.

I don't think even the BOD thought we'd be raising at 10p, Lockdown. I certainly didn't. It was terrible, but we are where we are. But do you really think they'd do it through choice? No chance. It was 10p or a 0p SP.

We all lost (well, apart from you buying at 10p, it seems), but we are where we are. We have a very health cash runway and very modest cash burn, so there is a good platform to now get back to 20/30p and on, if cards are now played correctly. I hear the calls about management, but the stars have, to an extent, all lined up in precisely the wrong way, and, however it was managed, there's a lot of bad luck that has contributed to this. Its not through greed, or spite, that we find ourselves at 10p, and that's why I decided to get on, positively.

I may get egg on my own face this year; so be it. But as a CEO, would you be putting any effort in at all anymore, if your SHs despised you? I wouldn't. If I had tried my best on 18 hour days, I'd shaft the lot of them. But one thing Suzy isn't is nasty, so we're lucky we've not got me.

PS - if it was easy to create a fake profile, I wouldn't have spent the last 25 years grafting, so that maybe was a waste :-)

Hi All,

Today I’ve had a meeting with Suzy and Mark Treharne - a fairly robust and direct meeting - about retail expectations and delivery. As of today, I’m not currently “inside” on anything, but we have agreed that I will now take on a more regular and formal role in shareholder representation. If I need to be made “inside” for certain matters, I have agreed to this. I will tell the BOD directly what the retail base would like to see, and offer input when appropriate.

This, by mutual consent, is not a board position, as that would entail involvement in many house-keeping matters that are of little interest to both myself and yourselves, but it is a change in input, beyond the usual ad hoc conversations. I will discuss strategy and shareholder delivery with Suzy on a regular basis, and am assured that input, both from me, and yourselves, will be at the forefront.

Suzy is acutely aware of the current level of dissent amongst the shareholder base, in addition to the root causes – e.g. dilution and 201, and is trying to remediate this in a professional and dignified way.

I have taken the decision to be as helpful as I can in offering this input.

I would like to think that she and the rest of the team might get a bit of breathing space for a period of time, whilst arrangements are made to this end.

In due course, I will collate a series of shareholder questions/comments/concerns, and, possibly in a live format, will ask these, directly, in person. On behalf of shareholders, I will expect clarity, movement, and momentum. They will expect a degree of listening, a cessation of personal abuse, and an opportunity to deliver within a reasonable and realistic timeframe.

I believe, from our conversations, that we will see progress in the coming weeks, which we all want.

All the best, Adam

TNBC drug is already worth 10M.

Surprise!

(see Sanofi/C4X last April).