Member Info for RMM3383

Labman - In Tim's reply he refers to a 'schedule' of regular reports and updates to the market. Unless I've missed something I'm unaware of any schedule. Anybody know where this is???

Always good to have a second opinion! Strange where threads take you but while looking for the ProNai/Sierra contract as prompted by Krone (and it appears to have gone AWOL) I came across this: http://commercial.cancerresearchuk.org/chk2-inhibitor-programme
It would appear that CRUK are looking for someone to work with on a small molecule CHK2 inhibitor, one of only two small molecule programmes they are seeking partners for. There is no mention of a CHK1 inhibitor being available for licence. Reading between the moving lines which are on castors and protected by smoke and mirrors I would have expected to find CHK1 (ie 737) up there but nothing visible. Either they're doing it on the quiet or they can't publicise until September or a partner has already been found or they're doing nothing at all. I hope it isn't the latter. Interestingly the CHK2 molecule was only made available for licence in April this year. Overall not sure whether this is good or bad news.

Simon - Very coincidentally I came across the same piece of research by ICR/UoK yesterday and was reading it with interest when I came to the bit about Aphidicolon and the problem that it is too toxic for use in humans. I've since been researching B-Family DNA polymerases and have been unable to find anyone who is developing an alternative to Aphidicolon which is disappointing. However, in a very roundabout way I kept ending up back at Eli Lilly. Someone somewhere must be looking at the B-Family DNA polymerases but I haven't found one yet.... or maybe they're keeping very quiet about it! GLA

Fearg - depending on the results of the combo trials etc it should be worth more. But as usual we don't know! In Sierra's shoes I would look to on-licence even if I only got asset value. I suspect that NG wanted asset value plus a premium and a share of royalties if it got to market. The new mgt are probably more pragmatic. If it does come back I would hope that ICR have some potential licences lined up and they haven't waited 12 months while Sierra play their games. I would also hope that SAR have a say in any future contract although not to the detriment of getting TYK2 away.

I think it already is. The argument seems to be that its more potent than they expected (factor of 37). The examiners response is 'so what? It's an early stage drug so why are you surprised?' I can see the argument descending into subjectivity as to what is 'unexpected potency'? Is 37 a big difference? Would the argument be stronger if it was 38 or 370 or only 30. Where do you draw the line? If its best in class just get on with it!

Fearg - If Sierra have to hand it back they take a balance sheet hit. They've invested and 737 will be down as an asset. They will want to avoid this for as long as possible.

Fadec - disappointing but not unexpected. I fear its going to drag out and be used as an excuse for missing future deadlines. However, its not beyond the whit of lawyers to draft a contract that says one amount due if the original patent applies and another if the patent extension gets approved. Time to get off the pot on this one.

Potnak - I concur. SAR have no control over 737 which IMO is rapidly becoming a mess hence my point that the focus needs to be firmly on 1801/2. GLA I think we're going to need it!

Simon - Excellent but frightening find! So after almost 12 months 737 has been put on the market. Either NG did absolutely nothing in respect of finding 'non-dilutuve funding' or nobody was interested. Two months until it comes back at which point we should be prepared for a SP re-rate downwards. The view that this would be better for us in the long run is fine if you want to wait another two years (6 months to find a partner, 12-18 months to get it through trials). The re-rate by the MM's will be justified by the fact that we won't be getting any milestones. We might get an upfront on a re-licence but that's at least 9 months away IMO. The upside is that TYK2 could be the short term saviour. All the more reason to focus on it. As to comms in support of the SP and acknowledgement of the PI's that are paying for all this I'm increasingly annoyed that the BoD think radio silence is an appropriate strategy. Even if a NDA is in place it does not stop commenting on information that is in the public domain and the 737 'available for licence' is very much the latter. So busy they can't put together basic comms? I don't believe it for one minute.

Utah - I see your point but I fear we'll fall back this afternoon. The rise is IMO driven by this board. To sustain the rise it would be very helpful if the SAR BoD were to do something in support. But then that would involve pigs flying...

Basil - I completely agree with your sentiment. After BigH's excellent find yesterday I would hope that T&J are over Dexamethasone like a rash. However, until the find was posted on this board I have a nasty feeling that they weren't even aware of it. Forget the useless twatter about other companies products and promote your own! Citigate should be briefed on how this reinforces SAR's relevance and get a clear message out that rather than watching other competitors we're actually in the race. For too long the Pi's have been doing SAR's marketing. GLA

Hi Fearg - It would be a strategic mistake to publish on this board the plans for an EGM! However, if we need to go ahead then there will be an opportunity for PI's to join in the debate and options off line. As Krone says, the situation could be remedied.

Interesting article Arumel. Unfortunately SAR don't seem to be capable of capitalising on anything at the moment!

Hi Krone - Its a personal deadline more than anything else. If we don't know what's happening on 737, the MTD for 1801 and an update on the patent then it gives us 3 months to prepare for the AGM/EGM. My view FWIW is that if there's no significant news by the end of September then the EGM will come first. The BoD are only getting 3 months grace because of Covid. The gravy train then pulls into a siding.

308 – You need to be a little careful in your comparisons (IMO). Avacta never hit £3, they got slightly above £2 and then did a placing at a huge discount. Yes, they raised a large chunk of money but they are going to have some big bills and they played the Covid card with a degree of cynicism. After a mauling yesterday their SP is up today and certainly not in free fall. They also have one thing that SAR lacks and that is volume. I would say that they are currently looking a better prospect than SAR for medium term gains. There has been a lot of negativity on this board in recent days and whilst nothing tangible has changed thereby lies the problem. Forecasts, ‘promises’ and updates have been made (sporadically) by the BoD and not lived up to. More information is revealed by this bulletin board alone than is released by the company. On top of this we have sight of developments at Sierra but nothing from the BoD. We were told that MTD has yet to be established for 1801 but no update on progress, in fact we appear to have gone nowhere on this. We were told that Covid was not delaying matters and they were working normally then it appears that there are delays. They may be sitting pretty on a small pile of cash but the board are fundamentally vulnerable in that they have no institutional protection. I’m with Thoth on a September timescale. Nothing significant by then and the line is drawn. A few tweets telling us what another company is up to is not significant and the BoD need to advise Citigate as such. In fact they actually need to give Citigate something to work with. PR companies don’t make things up they simply package what the client provides them with and currently the content is inadequate.

Aber/Belhus - The conference ended yesterday....

Potnak - I agree. The science is good but the ducks aren't lined up yet in terms of MTD, patent, target indication etc. To use Thoths latest venture its a bit like a 4 horse race where you own all the horses. However, you've still got to get one over the line to win the race! Lets hope the race is underway and it's on the flat with no jumps......

Ignore the LSE Sell/Buy annotation. It's about as good as a Janet and John colouring in book. A lot, if not all of the big trades over the last few days have been Buys, not Sells. The SAR MM's are weak game players as there's no sense in keeping the price low when an upward trend actually results in more trading. What we need is serious news and a strong MM. Forget Covid 19 and the grants, that ship has already sailed and it won't boost the SP in the way that news on 1801 or 737 will. What annoys me is that we were told in the trading update that there was a new need to establish the MTD for 1801 before it could go into trials. From Tim's latest interview this is clearly still outstanding as is the manufacturing route for 1802. No Progress?? 737 may be out of their hands but 1801/2 isn't. At the time of the Trading Update we were told quite clearly that there was no real interest in Covid 19 (and whilst I understand the switch I don't accept the piecemeal strategy they appear to be pursuing which is 'we may/may not put in a grant application etc because they take up a lot of time') but more importantly we were told that Covid was not affecting the process of getting 1801/2 through to approval for trials. Even in the Proactive Investors interview Tim said they were effectively working as normal. Really? So effectively that timelines are slipping and 'we hope to get at least one of 1801/2 through to trials in Q4 2020'. Hope??? Tim, you're already 6 months behind the timeline quoted this time last year. In the meantime I remain focused on the fact that the Patent application is more important than a Covid grant. At the AGM we were told that there would not be a running dialogue on the process. Fair enough but after 6 months we're due an update as posters on this board seem to be more aware of what's going on than what the BoD are prepared to tell us. I'm sure that the lawyers will need digestion time after the conference call but if we don't get an update by the end of June then to be frank we should draw a line under the process and get on with a licencing deal based around the existing patent. Enough of the Twatter lets have something significant. Tim, you've had your 12 months but simply by ignoring the self imposed timeline does not mean its gone away and the PI's have certainly not forgotten about it. Time to deliver or I'd suggest you start oiling the chain on your bike. All IMHO GLALTH's.

Wow! The Cambridge Independent!! Really hitting the world press hard with coverage like this. And the SP drops....

Aber - The placings have regularly lost money for those who participated so the current 10% 'loss' is nothing new. I'm not even remotely interested in Tim's presentation which contains nothing new and certainly won't result in an immediate deal. They're either in discussions/negotiations or not (anyone's guess). What the BoD are hopefully focused on is getting to a point where a licence for TYK2 is on the table and my view FWIW is that the outcome of the patent hearing is more important. What the BoD need to be fully aware of is that they won't get another 12 months to deliver 'significant value'.