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yes, I agree. Small company and not much cash so most likely would pay Armistice and get everything
Thanks for sharing. Hopefully something for shareholders
Armistice is hedge fund. Fellow US hedge funds have been shorting 4D on smaller level on AIM and probably big level on 23rd March when sp rose to 80p and in US equivalent (over $9). The volume was insane, so it must have been heavily shorted. These HF don't cover shorts easily even if price lowers to great level. So imagine their profit if they don't need to cover at all from 8-9$ to 0$. Armistice could have been persuaded or they played dirty game and never intended to subscribe.
I believe it is 3 parts. They are going to convert loan from Oxford into equity (around 14-15 millions) and equity subscription of £15 millions at 6p. These both together has 70% for them. So it is 27-30 millions for 70%. If they exercise warrants that will make ownership higher over 80%. But it is not 78% for 15 million.
that would have been worse :), they just needed to use challenging and tough words less number of times and give straightforward answers on other topics rather than harping on 100% number of times. I know 100% was must for them but should have conveyed positively rather than way they did which makes even 100% like 60% pre-presentation price.
If all resolutions including 100% allowance were passed with over 90% votes as you say, why morons went for presentation like at death's doors rather than pumping and enthusiastically presenting for immediate raise after AGM. Duncan's unenthusiastic presentations in last 1 year are surprising when company needed to raise $45 million before 1st April. I don't think he is that dumb, probably shellshock or too arrogant and complacent.
Chardan is connected with Oliveira, I guess it was chosen for nasdaq listing because Oliveira has old connections with Chardan.
1) Company confirming over email in middle of 4th quarter that they are on track to deliver on all catalysts (there were 4 as 5th on Keytruda combo they moved to Q1 22) and delivered only 1 (Asthma) out of 4.
2) 4D June 21 presentation saying MRX0518 combo study updates throughout 21 and didn't get anything except small biomarker at Esmo in September.
3) One other thing is 4D Pharma's rns on 9th Dec on Blautix when they informed FDA has informed 4D delay due to covid and they await feedback from FDA for Blautix strategy, this rns was not published on SEC unlike all other rns which usually get published on SEC as well, not sure if that was type of rns or they didn't require to or deliberately didn't publish on SEC as might be blabbering about awaiting feedback from FDA
Also Oxford had behaved like predatory lender. Such stringent rules in first year of lending, and somehow share was not allowed to rise and stay up for a day after listing on nasdaq. 4D shares pre nasdaq had better price action and when it had periodic rise was able to stay up for some days. Oliveira was selling even pre nasdaq, but once listed on Nasdaq, it has been smashed one way with lots of Auto trades (weird sells of $lbpd and equivalent ×8 dddd same time on both exchanges and both sells) big ordinary and auto sells by Oliveira/Shorts. Haven't heard anything from Mathew Chen the biggest holder of loac/lbps.
I believe BoD hid lots of information. I guess what happened is: they were already in breach of $7.5 million condition on 1st April itself. That was dependent on if $45 million not raised by 1st April. So even with price rise in March they could not have raised 45 millions as it will be discounted and with warrants etc. So company asked for 100% but with another bad presentation by Duncan caused price going further down even 100% raise won't amount to 45 millions and will almost just allow company paying off Oxford with no cash left. So company might have approached Oxford asking for some relief/waiver but they no longer trust 4D BoD. I doubt now that company might be hiding NSCLC data and didn't release or even mention as catalyst in annual returns. They only start mentioning in latest presentations to mislead Oxford and shareholders. I am doubtful now if even vaccine statement about Merck being happy or 4D happy with progress is truth. BoD must have idea of these grim conditions for months, even more ridiculous Duncan was giving lacklustre presentations. Probably these guys are fraud hiding lot from us. If they had any good progress on NSCLC or vaccine, they would have released it before 1st April to take share price higher to allow $45million. In Feb 21 they had recruited 12 patients in RCC and 9 in NSCLC. For Oxford loan 2nd tranche, they needed progress report of 20 patients in RCC and 10 in NSCLC. They released RCC data but nothing on NSCLC. They ought to inform market if NSCLC group had poor results. Another one was catalysts like Bavencio trial start and Blautix strategy they have been promising for few quarters. They dropped any mention of Blautix from annual return just after Oliveira (another dodgy character) sold all or most. Blautix rns in which they claimed they are waiting for some clarification from FDA and FDA was too busy with covid, that rns was not published on SEC unlike all other RNS. Probably Oliveira has opened hotel in Mexico and Duncan will join him.
Hi @PharmaTrader1, so did redx share remain suspended for 6 months and then back into trading?
I wish hopelessly there is investigation of sells relentless and big both ordinary and auto trades since pre AGM presentation. I doubt any retail shareholders will sell 100k 50k repeatedly at 14-15 p and auto trades just eat any bids of any size. It could be shorts (auto trades) with information from Oxford or directors selling (ordinary). Or could it be Oliveira kept his last 2% and attacked in collusion with Oxford. Pretty sure it wasn't normal orderly selling
Hi Michael, thanks a lot for attending AGM. I was going to attend it (could have got early morning train or drive from London) but I have to be in Edinburgh with family that day. I think it is good idea to have any participants on this board attending to meet as you say and collaborate. Your question list is excellent, I am personally very interested to get answers from BoD on 1) What is status on NSCLC and when we expect to get result on it (They use to have MRX0158 with Keytruda as catalyst in earlier quarters and published RCC results in March, so why not at least let shareholders know when we expect result on NSCLC 2) Why board didn't anticipate share price rout by asking 100% allowance using dire words in notice of AGM and presentation this week. It is clearly advised badly as it could have been much better if they raised 40% at higher price. It looked like it was advised probably from some US entity willing to invest or loan only if company raises limit to 100%. Better option would have been even do rights issue or raise a bit (whatever possible up to 40%). If they raised, they wouldn't need to use dire words in notice of AGM or use challenging word repeatedly in presentation yesterday and company could have extended future raise till conditions are better or after some milestones achieved. This was big blunder by board as we see any time company informs market we need to raise capital share price plummets. If they raised earlier within 40% limit (which probably would be more than 100% at current market cap), they could have conveyed request for 100% more positively. 3) Why company missed on milestones repeatedly, I now think this could be perhaps due to company going safely by saving cash and not going into programmes until raise like Bavencio trial not starting for few quarters. So I would not insist on this but company ought to be asked this as it has caused huge losses to many shareholders who believed company's email in last quarter of 2021 claiming all 4-5 catalysts are on track but delivered only Asthma trial and added more shares while Oliveira was selling. Thanks again and hopefully all attendees have fruitful day at AGM.
not sure if you are talking about milestone for next Oxford tranche or catalysts in general. For oxford tranche they have achieved 1) Asthma phase 1 trial data good enough to move to phase B and 2) clinical benefit in 2 out of 20 in RCC patients in combination with Keytruda. Remaining is NSCLC group in combination with Keytruda (clinical benefit 1 out of 10) and start of Bavencio trial. In general also these were main items they delivered apart from some smaller items like biomarkers data at ESMO on MRX0158 and some additional analysis on Blautix.
Still here, of course at loss. Really perplexed at management conduct of asking to increase raise limit from 40% to 100% without anticipating what this can do to share price. Then Duncan appeared yesterday with CFO pressing for it further dropping price by unbelievably from already low 25p to 15p. So since their decision to ask for 100% allowance (must have planned or talked with investors even before than), now raising 100% would be perhaps less than 40% earlier. Logically they must have something up their sleeves and planned once AGM is done to give really juicy news to market (ideally NSCLC data, bavencio start and that satisfying all milestones for next Oxford tranche) which should shoot price up and then raise on nasdaq at higher price. Not sure what they are planning on capital research day in September/Oct. Is it then they are raising or earlier? If this has not been planned, this management should be given award of being most idiotic repeatedly screwing along with bad luck for last 2 years.
Nice list of questions Micheal. I hope company takes these seriously and try to clarify as much as possible and honestly.
I agree with you. I have been watching almost all investment conference calls 4D management have been doing over last year or more. Their standard presentation theme is go through programmes, manufacturing facility and briefly catalysts. These were supposedly aimed at US based investors. In UK IG Duncan gives bit respect to Jeremy (Jeremy also puts slightly better questions) and on Proactive he comes like he was forcefully pulled to give interview. When you do presentation as a sales pitch, they must think from perspective of audience and what and why they will buy. While going through programmes, BoD should also explain plan, pathway to commercialization, how partners (Merck etc.) are involved in trials and what can be final result, market size and opportunities etc. They just put slides of preclinical/clinical results and remarks like we know what xyz strain does to improve conditions etc. They should of course explain their programmes but need also and more importantly explain how these will be commercialized. It is investor conference so they are interested in how can they get good return on their investment and in what timeframe, when you give presentation at ASCO etc. (medical conferences), you can be totally clinical data specific as that audience is different. After having so many conf. calls with HCW/Chardan etc. Duncan should understand this. Much more important is when you come on total retail shareholder specific channels like proactive, if you see Duncan's interview after Asthma phase 1 data, he was not bothered to enthuse viewers like he doesn't need retail investors. Whereas when CEO of companies like AVCT, AGL comes for interview they show much more enthusiasm and sell the dream and as a result those companies have much better retail support. Another thing is what was management thinking by not raising (probably was not possible) within their allowed limit of up to 40% after RCC trial result and then show funding weakness in annual result and notice of AGM and asking allowance of up to 100%. I am quite sure directors having good holding want this flexibility to raise at right time on Nasdaq at higher price but for that they will need to have some very exciting news/result or boom in biotech sector.
backstop shares are not zero cost, it is 25p and is exercisable only in proportion to Longevity warrants exercised at rate around £1.1 or higher, so not likely to happen at current price
it is available now https://journey.ct.events/view/1b1d9586-4f10-44ad-a771-9e2bd4c8b9a2