Hi Speedie . only pop in here now and again while we wait for news . Thanks for bringing some sanity lol .
And thanks to the fudsters I now have more shares here than I've ever owned , and at the lowest price .
Can't wait for the next chapter !
So the baton is passed to Juho .
Farewell to Markku . Shame he has left under a bit of a shadow - but in the long run I expect people will look back and forget the hiccup . To be honest , hiccup or not , its logical for him to move on , and let the new blood get to take on the task in hand . Dr Juho is a good character , and a great communicator too .
SP aside , I thank him for his efforts and hope he enjoys his retirement .
The day Timo starts selling is the day I go too .
Fair play to the guy - he's in for the long haul . I don't see him selling any until its mission accomplished here , be that a takeover , or major rerate to a far different level . His stake is too big anyway to dispose of without crushing the SP .
The coming placing will set them up for the rest of the year I guess . But thats not saying a deal won't be done 'before' that . Bexmab data will be accruing on a monthly basis .
The placing has been announced for weeks now . So its not going to be a surprise to anyone . SP will be in a holding position now . You could now sell and hope to get in lower . That might work , but for the sake of 10-15p , you might as well just hold on . Who is going to want to sell sub placing price - when all the newsflow coming from now onwards should be positive ?
Not sure how they have achieved this 25% saving in employee costs ? Possibly management have tightened their belts , or deferred some of their benefits ( Markku is not taking a salary at present ) . I don't see them cutting a quarter of the workforce . Cutting the conference attendances , show trips etc and hobnobbing events will probably save a fair amount .
20% overall reduction . Which as pointed out is quite prudent , as their cash burn ( with the accelerated push ) has been high .
Faron has completed an overall cost reduction plan that eliminated over 20% of operating expenses including a 25% reduction in employee-related expenditure. Cash burn for the first half of 2024 is estimated at EUR 2.5 million per month declining to approximately EUR 2.0 million per month in the second half of the year.
Well , we knew the jam wasn't going to be today . At least we know there is some jam , and investors out there ready to step up and fund us .
Good to see EIC still involved and actively helping out .
So now they can crack on with the other 27m ( probably at around 1.50 I expect )
Then the SP may start working its way up as the market starts getting excited about either Faron getting a drug to market at long last , or one of the circling partners finally making a play .
With preference to existing shareholders however , it will be interesting to see how the SP reacts , as once the funding is done , the SP shouldn't sit at this level for too long
Pretty sure they have to put that kind of disclaimer in . Either way . SP hasn't tanked further , so assume most ( like me) are just holding now for AGM .
Its only 3 trading days until that AGM ( next Friday)
Then they should be able to pass resolutions to allow the proper fundraise to be put into action - or gives them the ammunition for any partnership tie up ( ie with equity ).
Cracking interview .
Expect further FDA designations soon ( applied for already we know)
Its easy to forget , but its only at this stage in the trial that Faron finally get to see proof that Bex is still doing its job ( not fading away) . I think that certain interested parties wanted to see that proof . As he says , negotiations are intensifying .
Well done for keeping the faith Santhi . No more scares from now on.
There's always a little bit of fear when you don't know exactly whats going on , but after the other days presentation , I'm even more optimistic and excited for the coming years .
The market want's reassurance that the business will be able to reach milestones .
The AGM puts that in place .
I was going to wait until after AGM to top up , but had some at £1.33 .
I'm fortunate that I've got cash on the side , and I appreciate others don't , or are deep enough in .
I know its a pain to look at the SP , but my priority now is how many shares I own , not what they are worth today , cos I know in a year or so they won't be £1.33 .
the ipf fiasco was addressed immediately . the ' hiccup' was all it was . markuu takes full responsibility . all sorted , in as much as business as usual - until next fundraise . fair play for at least admitting it was a **** up .
moving on..
the rest of the presentation was very encouraging .
ok they will be needing to fundraise after agm - details to follow ( shareholders given some kind of vote on how they would like it to happen ? )
but i think that we will shortly be seeing some very good data on bexmab prior to the agm ( next week he suggests )
also looking towards a bidding process later in year for bex liscencing /partnerships . there are multiple interested parties .
fast track / breakthrough status applied for in aml/mds
new sites
bexmab data is looking so good that markku doesn't expect much resistance from fda in accelerating bex to market .
they only had 7m shares to play with this side of agm - hence the delay in fundraise .
details of agm should be out soon.
what will the sp be like at the fundraise . hard to say . higher ? lower ? rights issue ?
some good news to sway things . we are at very low level given what is coming .
You can log in here -
https://faron.videosync.fi/q4-2023
Usually you can fire in questions as soon as it starts - and they will quite often answer them if they are straightforward enough .
No new info yet on Bexmab today then . Perhaps they want that on a separate day - get the financials done with , and any awkward questions ( I hope they get some ) - then move on with positives .
The excellent BEXMAB data have intensified numerous ongoing partnering discussions, and we are looking forward to advancing these discussions over the coming year.
None of this work would be possible without the ongoing support from our shareholders, to whom I express my sincere thanks. And to my colleagues on the management team, and the wider Faron community, thank you for your continued commitment to making this Company's vision a reality and bringing the promise of bexmarilimab to patients.
Faron have 'Orphan Drug' Status for Bex . This could accelerate the route to market for AML/MDS.
They plan to apply for BLA in early 2025 .
FDA could recommend a rolling P2/3 study - small numbers - low relative cost - then finally - They start getting income !
That changes the game a bit .
Hopefully the market will see this as a great opportunity .
Is it to do with some kind of resolution being needed to be passed at AGM ( maybe relating to possible rights issue ) , or is it because they have raised the max amount this year permissible on Aim , or so much so that they can't do it this financial year , and need to use next years allocation ? I could be wrong , but I think that's the most likely reason .
Plus it bought them a bit more time to get the Bexmab update presented - I'm hoping they do it this week - would make sense .
Now in the Event Diary on Faron website :
A virtual briefing and Q&A session for investors, analysts and media will be hosted by Dr. Markku Jalkanen, Chief Executive Officer, and James O’B rien, Chief Financial Officer, today, March 13, 2024, at 12:00 PM (GMT) / 2:00 PM (EET).
Show less