Member Info for RMM3383

On 16th October we should know whether TYK2 has legs in terms of cancer. The suggestion from the last RNS is that it does. However, despite the sector of immunotherapy etc getting strong press we seem to be unable to do a deal. Meanwhile the positive spin is that we are under NDA. Who knows. Meanwhile 737 continues to rumble on. The Sierra SP literally bouncing along the bottom and nothing evident in terms of a potential deal for them on either 737 or Momelotinib. Clock ticking on a delisting etc. Lots of positivity on this board (which I support) but I really can’t work out whether it’s a waiting game or we’re in the 100 metres final and while others have set off we’re still working on having the best running shoes. With two weeks to go before the abstracts are released we’ve plenty of time for debate (and for the SP to drift a little downwards). The PR company (Citigate) are no fools so if they and Hybridan etc can’t sustain the SP in the run up to the 16th then its either poor management or indifferent data. Two weeks of nail biting for me and for the Chairman a bum twitching fortnight(assuming he's keeping in touch...). I’m not expecting a big rise post 16th (only a deal or milestones will do that) but we should expect as a minimum some recovery in the SP. 0.5p should be achievable, 0.9p would be a lot better. Thoughts everyone?

No, they are appointed and retained until one or both parties agree to go their separate way. An AIM company has to have a nomad but there are specific rules governing who can be a nomad.

Thoth - Noted. Ironic isn't it that they've employed a NOMAD to work against the PI's and they're using our money to do it! All I would add is 'He who lives by the sword....'

Hi Potnak. I wouldn't expect them to divulge anything sensitive by email and its good to see they read this board. Lets hope the new advisor starts to accelerate the news flow and improve the content. However, if they think they've headed off a confrontation with the RNS then they need to re think. At the moment they are hiding behind the hope that people think a NDA is in place and we won't want to rock the boat. Not sure whether we are playing poker or chess at the moment.

Fadec, I'm not wishing to be negative but 'exploring robust manufacturing routes' is not a solution its a process and we've been there before. Manufacturing small volumes in a lab is very different to commercial production. I genuinely hope they can resolve this because having lost 2 good friends and a relative to pancreatic cancer I see first hand the need in this area of cancer treatment. GLA

Without wishing to ‘p*** on my own parade’ its good to see the rise in the SP although I don’t expect it to last the day – the volume is pathetic. Normally Friday RNS’s are a way of dumping bad news to give the PI’s the weekend to cool off. This should have gone out either earlier this week or on Monday. Of course they may have a PR campaign in place for the weekend media (hang on is that a pig flying past? No, my mistake, it’s just a plastic bag full of hot air from the Chairman’s tweets on BlahBlahBrexit). Yet again the PR company’s inability to string a strategy together is very worrying. Earlier this week it was announced in the press that scientists had produced a test that spotted pancreatic cancer early and raised the chances of survival from 5 to 60% if treatment could start earlier. In 1802 we apparently have a compound that targets pancreatic cancer yet nothing is mentioned in the RNS and SAR issued nothing when the diagnostic test was headlined in the media. Well done team. Not. In reality we’ve had a date set for the release of data on 1802, the TYK2/JAK1 inhibitor that in Tim’s own words, they don’t have a commercial/volume manufacturing solution for (unlike 1801 on which there was no news). In terms of manufacturing 1802 I see worrying signs of an Aurora repeat – great molecule but we don’t know how to make it in volume in an administrable form. I see little that is new in the RNS and nothing that is commercial, just the promise of another academic presentation. The RNS is a clear response to the unease on this board and yet it fails completely to address the primary cause of that unrest – the state of the SP as a result of no milestones and no licence of TYK2. The latter being where they should be focussing their efforts. Even if we end the day at 0.35p its less than half where we were a year ago. Reading between the lines I think (and this is ALL IMHO) they do have something but are completely inept at monetising it and I lay the blame for that firmly at the doors of the NEDs. As far as PI unrest goes it’s still game on and in reply to Potnaks question, no the statement at the end is just the usual get out of jail clause.

Utah - Hammer, Nail, Head.....

Krone - He's been working on it for years! However, his failure to bring institutions on board will be his undoing as its left the power with the PI's.

Thoth - I've sent you a name for the Chairman short list. You need to give it careful consideration!

Quite. But it passes the time....

Potnak thinks the new advisors might be preparing something because some of us have been getting a bit agitated/mutinous on this board!

Potnak/Ajithoth - If we get a RNS this week (or more likely next week because the BoD will have to sign off anything the new advisors propose) then it will give me some comfort that the company office at least still has the lights on! Anybody know when the peer reviewed paper on Tyk2 is due to be released?

Being prepared: A growing number of PI’s are joining the thrust to get value out of SAR in the absence of any concrete evidence that the BoD are working to deliver a ‘significant’ return. Before anyone gets in with a scare story or an ‘I told you so…’ I’m going to lay out what I think might happen and why I am prepared for it. And this is all IMHO. The BoD will not like us interfering and will try to shut down the debate without revealing any new information and with no recovery in the SP. As a first step we will then most probably move, as Thoth proposes, to remove the Chairman in the absence of any evidence that he remains pivotal to the business. The MM’s, who do not like uncertainty will punish the SP at which point this board will become rife with ‘you idiots’, ‘how could we be so stupid’ ' etc. Some will panic and sell while others will hold because they are so far under water they may as well see it out to the bitter end and who knows….. it might come good. Meanwhile Tim and John and the remaining NED’s will fight a rearguard action to prolong the status quo. In fact they may even offer up the Chairman’s head in an effort to hold us off. Don’t be surprised if Parker becomes a NED, retains his options etc and a new Chairman comes in to replace him (see SLN for reference). Many here hope that the lack of news is down to a NDA and discussions are well underway etc. As I’ve stated before such NDA’s don’t preclude releasing information unrelated to a deal and SAR have plenty that falls into this category (Thoth has already posted a shopping list). You don’t take the product out of the shop window until it’s sold and even if someone is interested in buying it you don’t stop telling people about the products benefits, availability etc. I believe we should be prepared for 6-12 months of turmoil before value is recovered (assuming we haven’t been completely duped by the BoD). In the BoD’s position I would be working hard to head us off at the pass. So far they seem oblivious or content to call our bluff. For those who see the potential its going to be a real roller coaster of a ride. For those without the stomach for it there is going to be a short period while you consider your investment (and I’m not advising anyone either way). GLA. I’m here for the long term but I’m not sitting idly by.

Unfortunately I can see the next update already..... 'We have delivered significant value to shareholders with the SP having doubled from 0.2p to 0.4p. This is a transformational change and shows real progress in our drive to deliver a best in class, last in the market product. We continue to hold conversations with global pharmaceutical companies but none of them are talking back to us. In the meantime I am pleased to announce another placing of 500m shares which after costs and salaries has placed a net 2 shillings and sixpence in the companies bank account'. Please tell me it was just a bad dream....

Yes, Parkers wife invested all of £5k (less then 10% of what he was paid by the company)

Oh lets have a little fun before the weekend! Almost 10% up, the sun is out and the pubs are open. I know its mainly down to the MM's playing around with the spread and trying to catalyse a low volume share but its always nice to go into the weekend with a positive vibe if nothing else. GLA

As noted on this board yesterday, Sierra have had two good (better?) days. Maybe a little news has leaked out....

Good to see that the board has returned to what it does best - circulate information and perspectives. Yesterdays little spat from the member whose history with LSE seems to be one day reminded me of a certain person who 6 weeks ago came to our room to rubbish SAR and push BOU. On the BOU board he was ramping that within 4-6 weeks they would see a multi bagging. 6 weeks on and the BOU SP is down over 33%. As we all know, AIM is a gamble but like many I continue to believe that the science within SAR remains strong. My repeated concern is that the silence is now so deafening that I am in danger of going blind! There was a comment yesterday that all the PR, conversations and behind the scenes lunches won't shift the SP. However, others seem to be managing this very effectively. SLN is up 12% today without an RNS and hang on.... we've just gone blue!!! Has someone dared to open their mouth to the market??? It's Friday 13th, time to hunker down and look several times before crossing the road. Keep up the good work all. It will pay off.

Interesting article from the Guardian on cancer patients survival times. Taking antibiotics before starting treatment significantly reduces survival rates. Note the reference to immunotherapy and checkpoint inhibitors. Just hope that the clinical trial designers are going to take this into account. https://www.theguardian.com/society/2019/sep/12/antibiotic-use-before-cancer-treatment-cuts-survival-time-study

Krone - I concur. The situation I want to avoid is going into 2020 continually hypothesising about what we hope might be going on. In the meantime - 'Hope for the best, prepare for the worst'.