Member Info for RMM3383

Bear in mind that CRUK are not a listed company so any 'news' they choose to release is entirely up to them. If I was SAR I would be banging on their door asking them what they propose to do (and can we help?) 'because we need to keep our shareholders informed'. As a stakeholder in 737 they have every right to know what is planned/going on. Acting as a dumb passenger when shareholders have invested in their journey is not acceptable.

Warthog - As you say, the lack of management feedback beggars belief. I don't know of a single FTSE 500 company that would be allowed to issue an RNS without some form of management comment in terms of what they plan to do. I know this is AIM and lack of information from BoD's is the norm but that's no reason to let these guys off the hook. As I've said before, even if an NDA is in place that's no reason not to inform shareholders 'that we intend to purse a number of options to insure the milestones are paid. Meanwhile we continue to progress TYK2....'. Currently we have to assume that's what they're doing but in all honesty I fear they are sat around going 'Oh dear! Well at least we have salaries for the next 6 months and there's nothing the shareholders can do to prevent us taking them'. Dream on. If that's the way they want to treat us then August will deliver a sting in the tail.

There's no denying that the RNS released by SAR was poor. Not because of the content so much as by the lack of management input. It was a downright lazy way to release information and it could have been presented so much better. The MM’s have subsequently had a field day. A couple of months back I posted that I thought the lack of a milestone payment was because SAR/ICR had agreed a delay with Sierra so that funds could be raised. I did not expect an accrual in the Q10 although would have been pleased to have been disappointed. This afternoon I did a sense check and came up with the following: Have any of SAR’s products failed? Not so far. Have Sierra refused to pay up? Not so far, they’ve simply asked for a review of when the milestones will be paid. If Sierra fail to progress 737 what have we lost? Time, because we get it back and it can be re-licensed. On balance I’ve decided I’m holding tight to my shares because from what I can see the only thing that’s changed is the timescale. The fly in the ointment is when SAR run out of money because that is firmly on the cards given the inadequate way the BoD have managed the SP. At this level it will be impossible to get another raise away. To keep their heads above water the focus for them must be on TYK2. Thoth has given the BoD until the end of August to respond to his email. I await their reply with interest. All IMHO.

Poor management is allowing the SP to slip for no apparent reason. Most companies I have worked with have 'managed' market expectations behind the scenes. An RNS is a regulatory requirement when activities could affect the SP but in reality is a blunderbuss approach or just lazy/token communication. Depends on how you want to look at it. AIM might be riddled with this problem but that's no reason not to push for better management and communication. I don't see what is inconsistent in believing in the products yet pushing for greater engagement with the shareholders and the management of the SP.

Utah - It's one thing not expecting to cash out until 2020 and another to see SP value steadily eroded through poor management. Just because we might see 'significant return' in the next 10 months is no reason to let the SP slide through lack of management updates. The BoD (if they read this board, and we're told they do. If not their PR company should certainly be reading it as part of their remit)) have been repeatedly warned that they will get a tough ride at the next AGM. Looks like that meeting will come sooner rather than later.

Thoth - completely agree with your timescale. I don't think we'll see anything that will move the SP upwards until September. The Sierra SP is bouncing along the bottom with no indication that a deal is imminent. The Q10 I suspect will not reveal any milestones with the result that we take a little bit more punishment form the MM's. However, stranger things have happened and who knows what's really in the pipeline..... I, like many others live in hope! GLA And don't forget, Tim is back in the office as of today!!!

Without wishing to stoke the fire... Out of Office does not mean Out of the Business. He could simply be in the US...….

Nope. Which seems to support my second option that it's just housekeeping. However, interesting to note that none of the other companies where he's a NED have found it necessary to issue an RNS on his previous connections. So why just SAR? Something has triggered the announcement, they think it might be price sensitive so they release a late RNS. IMHO they're going through DD of some sort (and no I'm not forecasting the imminent announcement of a deal, buy-out etc) and doing their best to be squeakily compliant. What it does show is that the BoD is not completely comatose. Onwards.... I continue to wait in a hurry (definition of impatience) and in the meantime look for signs in the stars, bones, tea leaves etc. GLA

I suspect we might get some news tomorrow. Dropping an RNS at 16.29 is a possible indicator that they needed to release some information that would preclude a cry of 'foul' if news breaks tomorrow that could indicate a conflict of (undeclared) interest. What I'm unsure about is whether the news is good or bad. Alternatively its just housekeeping. If there's no news tomorrow then its the latter!

Hi Krone, a third option and possibly more plausible is that there's been a potential conflict of interest at one of his other NED companies and he's notified SAR of his 'partial' disclosure.to prevent any issues later down the line. Blink is involved with antibodies and I'm wondering if something came up either with Reneuron or Avacta that has required him to disclose all his previous activities. Whatever is behind this at least they are dotting the i's etc.

The question was posed earlier this week as to what the BoD could do to shore up the SP. Well, here's a message to the BoD. On the news this morning (BBC Breakfast) a chunk of time was given over to the 'game changing' drug Olaparib. On the back of this I would have expected the PR company to have come out, as a minimum, with a tweet on our own activities in this 'territory'. It's call awareness reinforcement. It's not difficult and it keeps us in the mix. Even if there are discussions underway and a NDA is in place there's really no reason not to be active. To do nothing is just downright lazy.

I’m sure that the BoD must be aware that unless they do something soon the next raise will be at 0.2p and with the current burn this means November. After that they will be lucky to get anything away. Getting the licence back but having no money does not put SAR in a strong position to negotiate a new licence although I suspect that any negotiation would be run by ICR. Tim’s comment that significant value would be returned to shareholders in the next 12 (now 10) months is increasingly looking like a hollow promise. I hope for all our sakes that something is going on behind the scenes but the wait is proving hard to stomach.

Today Silence Therapeutics put on 66% following an announcement that they've secured a major partner. Post Parker they seem to be doing everything SAR should be achieving and as a result they've now put on 132% since his departure. It's all very well convincing ourselves that the science is strong but I'm even more convinced that in our chairman we have a duffer. I sincerely hope that Tim and John are giving him a hard time because they (and us) deserve better.

Aber – I do agree. The market is awash with expert articles advocating new remedies that will change the world. Unfortunately, as ASCO demonstrated, we are just a whisper in the wind without someone who is going to bang the SAR gong. Many on this well informed board have highlighted all the pieces that make for a very attractive future for SAR – strong clinical results, the withdrawal of the data sheets, US Army/Lupus data yet to be released, lack of information=NDA must be in place, Tim’s ‘significant’ phrasing in RNS’s and interviews etc. However, as I have pointed out on previous occasions there is a huge gap in the SAR team – a deal maker. REDX have achieved ‘significant’ SP value recovery (5p up to 12p) driven by an aggressive CEO, Reneuron are now moving up strongly on very thin but positive news etc. If we look at the SAR team we have excellent scientists in Tim and John, an experienced NED on the biotech side (Owen) and a corporate financial policeman in Birch. Parker might be a good industry ‘figurehead’ but no one in the team could be classed as a deal maker. I would put money on the Sierra deal having been driven by ICR with SAR along for the ride. With respect to 737 milestones we are just a passenger on this train and currently the train is stuck in the station. With regard to the other arm of SAR if a pharma does licence TYK2 then I fear that the deal will be driven by an approach from an interested party rather than our esteemed chairman driving the discussion. Knowing the value of what you have (as demonstrated in the 2018 RNS) is not the same as being able to sell it at that value. A few have pointed out that the placings are getting smaller each time. That’s not because SAR doesn’t need the money, its because the SP is at a level where to gain the required amounts would need a severe dilution. The withdrawal of the Data Sheets is not an indication of an NDA IMO, they should never have been on the website in the first place! The analysts report earlier this year identified that SAR should be trading in the 0.8-1.2p range. We are currently half of the lower end of the range despite ‘good news’. So why the griping tone of this post? Because although I remain optimistic that we will see value eventually (at this rate it will be 2023 not 2020 as Tim hopes), it won’t be with the current team unless they get off their padded posteriors. I’d love to think that much hard work is being done behind the scenes and I’m being unduly harsh but realistically I think we are heading for a bloody AGM and I don’t want the BoD thinking they weren’t warned. Just because we’re ‘hanging on by our shoelaces’ doesn’t mean as shareholders we can’t express our frustration and demand more. The worst thing we can do is keep quiet because that implies acceptance of the situation. GLA

Unfortunately you are quite correct!

Krone - Hopefully Parker is learning from his successors......

Fannibaws - Unfortunately you've got a way to go before you'll see 40p but if I understand correctly Jon Moulton lent them £2.5m. He's not a man to mess with (personal experience) and he wouldn't allow anyone to manage a company who wasn't a ball breaker. Lesson to be learned? I hope so...

Despite the M&A market heading towards their August recess its not over yet if the REDX deal is anything to go by. Previous posters have identified that SAR is still at a very early stage with TYK2 and therefore we should not expect anything significant until 2020. REDX have just demonstrated that its quite possible to do a deal with upfront payments, milestones and the new partner paying for the pre-clinical studies. Furthermore they've been a lot more open about the milestone triggers. Maybe, just maybe the SAR team should have a look at what REDX have done. I'd like to believe that NDA's prevent us from knowing more but I do get the impression that the one person missing from the SAR team is a deal maker.

Hi Belhus - Like you I hope but more importantly I believe that we will get a result with both our compounds eventually. Where I beg to differ is in terms of the 'different universe'. I know many NED's in high risk start ups who don't take a salary and get paid on results. He's been there 3 years and the SP has gone steadily south. In my universe he's got until December to prove he can add value otherwise he can expect a hard time at the AGM.

We've now got to that point in the week that if a RNS drops its more than likely going to be bad news . On top of that its the holiday season when typically deals are not struck. In order to alleviate the nerves and boredom I'm watching other stocks, not least Silence where since Parkers departure the SP has slowly but steadily risen by almost 30% and blatant stake building by what looks like an Institutional buyer. If as we were recently told we now have an institution on board as a result of the last placing then I'd bet good money that it was nothing to do with Parker. In order to maintain interest in this board over the next couple of months and prep for the AGM who do people think we should be telling Tim to replace Parker with? Alternatively what profile of Chairman do we want? As Utah says, we need to get moving.