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I was just about to post that it looks as if we might have a rise without the issue of late reported trades..... and then one pops up. Three attempts this morning to get the SP up to 2p and all thwarted as the MM now steps the price down. It's almost like the automated system was caught out by the response to the RNS but now the MM has taken control and wrung the life out of it. There's only so long before the SP reaches territory where they can't do this. Roll on that day.

Hi Thoth - Good perspective. I'll add my thoughts. The anti vaxxers are getting a bad press as the politicians and media focus on headlines while missing the underlying trends. According to our wonderful politicians and their 'expert' advisors we are all saved although it could take a bit longer, about a year in reality if we all behave. However, the facts have a strange way of unravelling and undermining the so called main news. I've been looking at the Pfizer clinicial trial sample profile for their covid vaccine and it makes interesting reading, especially in the light of the latest news on people with strong allergic reactions. The trial was described only yesterday by a high ranking medical advisor was as 'comprehensive'. This seems to ignore the fact that the trial excluded anyone over the age of 85 (the first person to be vaccinated in the UK was age 90.... strange choice) along with anyone suffering from diabetes, hypertension, anxiety and a raft of other conditions. In other words the most common conditions for people over the age of 60. They are now promoting a vaccine to the age group most at risk who in a lot of instances it has not been tested on! I agree with Thoth that the vaccine will not make the virus disappear but we will simply need to learn to live with it. In respect of further context it was pointed out in an article last weekend that was missed by most that Malaria will kill 10 times as many people in Africa than will die of Covid. Currently Covid is wrecking western economies (hence the focus by the politicians) and creating a pipeline log jam of long term conditions that will probably kill more people than Covid (cancer, cardiovascular, diabetes, sepsis all spring to mind). For Sareum Covid has always been a side issue with lateral implications - it could open up new indications, fast track trials etc. I recall someone posting just over a year ago (possibly Utah) that 2021 was much more likely to be Sareum's year than 2020. I hoped they were wrong but could see why it might be the case. The key events of next year are to get into trials. By the middle of next year 1801 should be in the clinic, reality as to Covid will have set in and the long term neeeds of delayed treatments will be headline news (not the tabloids but the more measured journos). For me the most important message to the BoD is to get the metal hard to the floor, now! Publish data, get into the clinic and tell the world. No more delays - the world needs these treatments and the SP deserves it. According to one previous poster I'm probably classed as a professional ramper. If so, then I'm still waiting for the cheque. GLA - keep the faith but more importantly keep the pressure on the BoD to perform.

There have been some chunky buys but yet again they are being reported exactly an hour after they were made. A desperate attempt to stop this rising??

A lot has been written over the last few months about the size of the Covid market but as we now know the pharmas are under pressure to deliver low cost solutions. Ongoing its probably wiser to look at this as the stepping stone to bigger and better things. We already know that Lupus is in our sights and with a global market size currently of $2.3bn its a big market. However, the market size for pneumonia is currently estimated at $16.2bn , 7 times greater than Lupus. if the POC proves we may have a solution then our market value escalates significantly. Remember that we already have tox etc sorted on 1801 so its not as if we need to go through all the hoops. This grant is to demonstrate potential efficacy in a particular indication and you don't need millions to kick that off. Once we have PoC then its a whole new ball game. Metal to the floor please John Reader.

Note the references to Lupus and pneumonia. This is more than just Covid. A well crafted announcement.

Genetech's top cancer R&D man has just jumpedship to Zai Lab in Shanghi. Not only will he be in charge of R&D but also 'discovery'. I believe we might have something he'd be interested in....

Hi Aber - I quite agree that we need a deal maker but that means someone with executive authority. I'm far from convinced that our current CEO is is living up to the title. The NED's are only there to facilitate. As the old adage goes, 'you can lead a horse to water but you can't make it drink'. As you quite rightly point out, we are invested in the hope of a return. We are not here to sponsor academic kudos.

Brighty - Stephen Parker is not the only director up for re-election. Resolution No4 is that Tim Mitchell is also up for re-election. If you feel that the company has not delivered to expectations then this is an opportunity to look to those directors with executive responsibility. Personally I think its a shame that the AGM format is not going to allow the grilling that occured last year. Submitting questions via a keyboard is not condusive to informed debate and the last time we did this a large number of questions were only answered after the session was terminated. Also because of the proxy voting system we will have to vote before we hear the words of the BoD which is where the real value of the AGM was last year. As pointed out the key resolutions are those that allow the BoD to issue shares and raise funds. I would like to see a lot more clarity around this in terms of plans for TYK2 - will there be a requirement to prove adequate funding when the application for a P1 goes in in January? What is the anticipated cost of P1 for 1801 and how will this be funded? A placing is not necessarily a bad thing if we know where the money is going and the extent to which it could increase potential value. However, a large dilution without a timeline is not something I would sanction in which case we have the EGM option should it be sprung upon us. In considering resolution No 4 - Tim's re-election - I would have to say that I am far from convinced he is managing the timelines to my satisfaction. We were told that by the end of Q4 2020 we would have 'at least one molecule ready for P1'. This has now become January 2021 for 1801 and no sign of any others. And then there's the whole issue of 737 with no visible timeline on the next steps. I know we're not in the driving seat but we are supposedly a party to the agreement. Have CRT/CPF stopped talking to us and if so why? Will there be slippage on Aurora? In a previous comment he said that if the partner was close to a solution then there was the option for some leeway on the 9 month timeline. Well, we're pretty close to the end of that timeline, nothing has been said so they'd better live up to it. Failure to deliver news on Aurora in January and slippage on the P1 submission for Tyk2 will in my opinion be grounds for an EGM especially if there's a significant dilution to pay for Tyk2. The AGM is rapidly becoming a non-event but it is doing one very important thing and that is getting many people experienced in how to access their voting rights. At the AGM I would like to see the BoD deliver a comprehensive update on how they plan to manage the business going forward. SAR has been around for far too long and we need to know what the end game is if we are to have faith in voting back the people who are supposed to be implementing it. From all the research published on this board we know the potential so lets see some transparency and support from the executive team. All IMHO.

We're being stepped down again. Must be some news round the corner and they think they can play their usual little games.

No relation, just a coincidence.

I was thinking that if we got £7m for 1801 then we could pay for P1 for 1802 which would up the pressure for a bigger deal. All sorts of options once the money starts to flow.

Hi Potnak - If we only got £7m upfront that would be P1 paid for and £2m in the bank. We need to see the 737 timeline before that can be valued and then there's Aurora in January. With positive news on 737 and Aurora we should be cash positive for as long as it takes to get an exit. Talk of a placing is just playing into the MM's hands.

Interesting that AZN’s share price fell slightly today, the day they announced a successful vaccine. With 3 vaccines potentially available next year (and more to come) it might not be the windfall for the Pharmas that many had anticipated. Which means that 2021 could see the focus return to those indications with big unmet needs -RA, Lupus, Sepsis, Cancer etc. There’s a lot of pipelines to be filled and as Covid becomes more of a logistics exercise then the big money will be spent on long term money spinners. 2021 could be a big year for M&A in pharma. Time to fly the SAR flag. GLA

Sorry, should have addressed that last post to WiP!

Apologies!!

Hi Thoth, the Chinese only tend to acknowledge patents where there is a global implication. Copying a US product would potentially result in US sanctions which the Chinese would not want to risk. If you are a small business you don’t stand a cat in hells chance. Where SAR is potentially protected is the potential for our products to be picked up by people with deep pockets and political clout. If a copy of 1801/2 hit the market outside of China it would be easily spotted. There’s a lot of western money invested in China that they would not want to risk losing. Furthermore if IP was compromised R&D doors would close leaving them very much at a disadvantage. I’d look to the politics rather than the patents.

The market for sepsis and septic shock is big - forecast to be $5.9bn by 2026 and has significant unmet needs which means it s not a case of taking a share but new treatments could actually grow the market - 18m sufferers at present. The key seems to be the ability to target Il-27 but I can't find out if 1801 or 1802 are active on this interleukin. Anyone know?

..... but they don't know how to target patients who might respond. Will be interesting to see if 1801 is more efficacious or can be targeted more effectively.
https://www.msn.com/en-gb/health/medical/arthritis-drug-effective-in-treating-critically-ill-covid-19-patients/ar-BB1bazPl?li=BBoPWjQ

I thought Parker handled last year's AGM well and speaking to him after the event I got the impression that he would like to see enhanced shareholder engagement which I interpreted to mean more outflow of news. For some reason Tim sees shareholders as a nuisance rather than an asset to be managed/nurtured. It's something I've seen in other sectors - the best teachers do not make the best headmasters. I once worked for a CEO who came up the IT route. He willingly admitted that he was not the best programmer but by God he knew how to run a company. Look at Parkers background and essentially he's a banker with knowledge of the sector and IMHO we need to see more of him if we are to get an exit and the anticipated value.

Hi Krone - NED's and Non Exec Chairman's roles - All Non Execs are required to act as advisors and corporate policemen. In respect of the Chairman's role it is principally as advisor, ambassador and door opener. The role has no executive authority so the Chairman cannot release any price or strategicallly sensitive information without the CEO's permission. He also cannot commit the company to a particular strategic direction without the agreement of the executive directors which in SAR's case are Tim and John.

Good question. Short positions only have to be declared if they breach a certain threshold of the shares in circulation. You are unlikely to see them on HL or LSE as only a very bold PI would go this route.