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Roughly 6 million pounds needed for 2026 - So what?

From memory, I think we have raised the same amount if not more in previous years.

And that was before we were clinical.

That was before we had evidence HG-CT-1 was safe to use on human beings.

That was before we had evidence that HG-CT-1 actually can keep humans alive for a prolonged period of time, without any additional treatment needed.

That was before, we had evidence that Patient 3 had no detectable cancer producing cells by standard testing methods, 28 days after being injected.

I do not think it will be difficult to raise 6 million to get HEMOGENYX through the WHOLE of 2026.

If patient 1,2,3 are all passing a year survival in 2026, I do not think it will be difficult to raise a further 10 million for 2027 on the open market and at a good price.

Question is if that will be needed at all.

If terms as ND conditions are right, then I am sure HEMOGENYX will deal a deal with a big pharma way before 2027.

I'm just putting it out there.

1 year survival data from one or more R/R AML patients are more likely then not to be worth alot.

February 2026, is not that far away

And if we are not fully funded to get there yet, then I have no doubt funding will be available based on comment on this board.

HEMOGENYX and management is honest to the bone as we have become used to.

16 million to get us through phase 1.

Now everyone knows.

That's a good thing, if you ask me.

A big thank you, that is.

556.611.000 shares to be issued at various strike prices.

I am unsure what average strike price is going to be, some was cheap others in the 5 pound region if I remember correctly.

I expect that HEMOGENYX will get at the very least 1.000.000 in the coffer on this exercise.

Maybe even closer to 1.500.000

And if we are really lucky, a significant amount above that.

Money worries is so a thing of the past.

Enough to money to progress with the MADE SCIENTIFIC and CELLIN transfers.

(And let's not forget that the CELLIN adventure will be cash generating if it goes ahead)

Money to help with the monthly expenses of running a company.

Money to move forward with the clinical trial at MD ANDERSON Hospital.

All looks good and promising from my perspective.

A bug thank you goes out to those who have exercised their warrants and given HEMOGENYX more cash in the coffer.

Nothing.

Would you buy more, just because you saw any given name owing more then 3 percent of the company?

If the answer is NO, then why would anyone else?

On the other hand, if many decides to buy because someone breach the ceiling, well then it ought to be a question of supply and demand.

Unless that someone is a big pharma or VC, I do not think we will see a meaningful rise in the share price

Here's to hoping I'm WRONG:-)

@MrIndia Et Al

MrIndia, you said: "many LTHs with as many if not more shares. Most of our exit plans involve hemo being sold for $1bn - $5bn and nothing less "

It's not because I have an absolute desire to be sound or act ungrateful, because if Hemogenyx is bought out for just 1 Billion it will be life changing to me, let alone if the sum should become 5 Billion.

However, I wouldn't be happy if we were taken over for peanuts.

I now accept that HG-CT-1 is going to be sold, as I heard it from Mr Sandler himself.

I have also heard from him that he will not rule out a sale of Hemogenyx if the price is right (It sounded rather hypothetical)

I. e. it is not his preferred option.

I believe he wants to build a Major Medical company.

And that is precisely what CBR can do, with all it's potential applications.

I hope that you and the rest of the gang, who hold a significant % of shares, are not going to accept a $ 5 billion offer.

CBR is so much more worth than that (if it works)

Let's just sell HG-CT-1.

Let's get some hundreds of millions in the coffer (maybe even a billion or two over an extended period of years)

Let's use some of the money to prove up CDX.

Then either keep it for ourselves or sell it when it becomes more valuable than it currently is.

Simultaneously, demonstrate the proof of CBR, which we should most definitely retain for ourselves, perhaps partnering with others to share the workload and rewards, so we can stay a small, agile company.

This is where the money is.

And if we are lucky, the payout for HG-CT-1 will be so substantial that it will not be a problem to develop both CDX and CBR, and pay a special dividend.

I mean, how many of us would decline a 10 a share, as long as we believe the company has enough to develop the other 2 products?

So, it is my hope that you and your mates wont, just accept a lowball 5 Billion offer.

CBR, is worth so much more.

However, it is admitted that it will take years.

@Moorscloud, since you asked so nicely:-)

A Long-Term Holder's Paradise.

Imagine knowing that numerous exciting developments are happening within the company, but without specific dates to anchor them to.

This uncertainty can actually be a blessing in disguise for long-term holders.

By not having a clear roadmap with specific dates, the company is making it more difficult for manipulators to plan their trades and exploit the market.

This reduces the risk of market volatility and maintains a more stable share price.

As a long-term holder, expecting news regarding the following potential scenarios:

• MADE SCIENTIFIC Transfer completed

• Patient 4’s treatment to commence

• 1st Paediatric treatment to commence

• The government in Estonia approves HG-CT-1 and permits its administration in Estonia.

• The LOI with Cellin will become a binding agreement.

• The technical transfer with Cellin has begun / completed

• When the first Patient can be treated in Estonia

• What kind of deal is Mr Sandler working on? Is it:

• A license deal regarding HG-CT-1 in a specific geographical region?

• Is it a JV regarding HG-CT-1

• Is it a sale of HG-CT-1

• Announcement of deal and terms and conditions regarding HG-CT-1, i.e. a significant sum coming Hemogenyx’s way.

Not knowing the exact dates means people are less inclined to go in and out of the share and trade it, as they do not know when the news will land, but think it might land any day soon.

This creates a situation where investors are more likely to hold onto their shares, which can help to stabilize the share price and reduce volatility.

As a long-term holder, this uncertainty can be a paradise.

You expect positive developments to occur.

You can hold onto your shares with confidence, knowing that the company's progress will ultimately drive the share price up.

In this sense, not providing specific dates can be seen as a way for the company to manage market expectations and reduce the risk of market manipulation.

It's a delicate balance between transparency and caution, and the company appears to be taking a cautious approach to protect its investors and maintain market stability.

So, as a long-term holder, you can sit back, relax, and expect good things to happen.

The company's progress will ultimately drive the share price up, and you'll be rewarded for your patience and confidence in the company.

When will it happen?

Don’t know

Will we have a FOMO Friday today?

Don’t know.

But I don’t expect it today, as new shares are about to be released next week.

I think the market wants certainty about those shares before we can expect a FOMO Friday.

A Traitor's Paradise.

Imagine having access to pivotal dates and crucial information in a company's calendar, not to support the company's growth, but to exploit it.

Information like for instance:

MADE SCIENTIFIC Transfer to be completed by a certain date

Patient 4’s treatment to commence

1st Pediatric treatment to commence

When the government in Estonia approves HG-CT-1 and permits its administration in Estonia.

When the LOI with Cellin will become a binding agreement.

When the technical with Cellin will be completed

When the first Patient can be treated in Estonia

What is the profit per Patient treated in Estonia

With this information, the possibilities for creating discontent among shareholders or discouraging potential investors are endless.

But the ultimate aim is sabotage. While appearing to hold management accountable for missed deadlines, the real goal is to remove management altogether.

In the case of Hemogenyx, this means eliminating a significant amount of clinical expertise.

A traitor understands that if they succeed in removing key personnel, it can give them a substantial advantage in undermining the company.

In small companies, management and scientific brains are often identical. Without those persons present, the company will falter.

And that's precisely what a traitor is counting on.

They think that by manipulating the market and sabotaging a company, they can profit from its downfall.

This is done for either profit or nefarious reasons (or both)

The trilogy is complete:

"A Trader's Paradise" - where traders have access to information and can make informed decisions.

"A Manipulator's Paradise" - where manipulators can use information to influence the market.

"A Traitor's Paradise" - where traitors can use information to sabotage the company, while pretending to hold management accountable.

The circle of deceit is complete.

A Manipulator's Paradise.

Imagine having access to pivotal dates in a company's calendar.

Imagine knowing crucial information regarding:

MADE SCIENTIFIC Transfer to complete

Patient 4’s treatment to commence

1st Pediatric treatment to commence

When the government in Estonia approves HG-CT-1 and permits its administration in Estonia.

When the LOI with Cellin will become a binding agreement.

When the technical with Cellin will be completed

When the first Patient can be treated in Estonia

What is the profit per Patient treated in Estonia?

With this information, the possibilities for manipulation are endless.

Some potential scenarios:

• Short-selling the stock before a significant announcement, betting that the share price will drop

• Buying up shares before a positive announcement, hoping to sell at a profit

• Spreading false information to influence market sentiment and subsequently the share price

A manipulator knows that having access to this information can give them an upper hand in influencing the market.

The goal is to use this information to make a profit, no matter the cost to the company or its stakeholders.

Making it possible to dip in and out as the market sentiment shifts during a week or a month, fully knowing that you have to act before a specific date.

If you knew all of these and had access to price action information and knew how to read it and use it to your advantage, then that would truly be a manipulator's paradise, as you can make money without necessarily having the success of the company as your interest.

From that point of view, what is not to like about having all the information announced by the management of the company, if your goal is to manipulate the market to make a profit or for potentially more nefarious reasons?

A Traders Paradise.

Imagine having the pivotal dates in your calendar.

Imagine knowing crucial information.

MADE SCIENTIFIC Transfer completed

Patient 4’s treatment to commence

1st Paediatric treatment to commence

When the government in Estonia approves HG-CT-1 and permits its administration in Estonia.

When the LOI with Cellin will become a binding agreement.

When the technical with Cellin will be completed

When the first Patient can be treated in Estonia

What is the profit per Patient treated in Estonia

What kind of deal is Mr Sandler working on? Is it:

A license deal regarding HG-CT-1 in a specific geographical region?

Is it a JV regarding HG-CT-1

Is it a sale of HG-CT-1

When will the deal be struck and announced?

A Trader knows that they have to be in before a particular event. And for that reason, it is annoying not to know when that event will happen. If only there were a roadmap:-)

Making it possible to dip in and out as the market sentiment shifts during a week or a month, fully knowing that you have to be in before a specific date.

If you knew all of these and had access to price action information and knew how to read it and use it to your advantage, then that would truly be a trader's paradise, as money is not tied up and always out working for you in various companies.

From that point of view, what is not to like about having all the information announced by the management of the company?

Thanks Haywain.

Much appreciated.

@Haywain

Talking about dose escalation.

Instead of giving the full dose in one go, is it possible to give it in 2 stages or more?

For instance, 75% first and then the remaining 25% later?

Like, 6, 12, 24 hours later, to ensure there is no immediate bad response.

Or is that not allowed for various reasons, legal, clinical safety, clinical trial rules etc

Mr Sandler mentioned that there are potential risk of toxicity ahead of us when the dose increases from a half dose to a full dose and beyond.

This full dose, I assume is based on the preclinical trials, like the mouse models used etc.

So here is why I am not nervous.

The mouse model has so far shown to work and be transferrable to humans, so there is every chance that it will continue to do so.

For the human trials so far (phase 1) with the main focus on SAFETY, (hence only a half dose) the dose has shown to be safe with no toxicity reported, but even more importantly in my eyes, it has shown efficacy.

I just have to emphasize that again, already at half of the recommended dose it has shown efficacy and no concerns raised about toxicity.

So in my view, if we are so unlucky that there are signs of uncontrollable toxicity at full dose, then we have already found the upper limit and then it is just a question of finding the optimal dose, which lies somewhere between the half dose already given and the theoretical ideal dose based on preclinical data.

I think this is a fantastic position for HEMOGENYX to be in.

I expect that the full dose, based on the mouse model, will go ahead with no toxicity reported and the only thing worth reporting will be increased efficacy.

But I could be wrong.

Which leads us back to the beginning.

I am not worried as we have already seen efficacy at half dose.

@Stevey80

No, I do not expect a new cash raise anytime soon.

There are money in the coffer.

Warrants are still outstanding and will fill the coffer further when exercised.

But it is obvious the sum won't last forever.

I do not know what the monthly burn rate is, I do not recall having seen or heard what it is, so I don't think it is public knowledge at all, and may it long stay so, as I fear that information could be used against us.

So at some point more money needs to be added.

But I think there is a good chance of the following happening before we have to go to the market.

Potential funding of pediatrics trials by MD ANDERSON and Kinder Foundation. (Cost saving)

Potential grants from various funds as the wonders of HG-CT-1 becomes known. (Income)

Income from treatments in Estonia. (Income:-)

If all or just some of them happen, we might not need to ask anyone for further funding and further dilution can be avoided.

If however none of them happens or it does not bring in enough cash, then HEMOGENYX will need to ask for further funding.

If that happens to be the case, i hope first port of call will be to people who have helped in the past and the BOD feel they can trust having the companys best interest at heart.

Will the share price touch 5.30, before all that happens?

Who knows?

In the past, I saw that HEMOGENYX share price had a tendency to align itself with the price a raise came in at.

But since August 2025, that has changed, more money in the coffer and the share price started to climb.

I hope that trajectory will continue.

@Aldebaran

I agree that the further and the more data Mr Sandler get proving up HG-CT-1, the higher the price and the better there terms and conditions we should get, whether HG-CT-1 is licensed or sold.

I am not to worried about the share price at the moment, it's just noise and there plenty of news to come that could rectify it.

And at the moment we got cash in the bank.

Possible funding for pediatrics from MD Anderson and Kinder Foundation for instance.

LOI, is no longer a loi but reality and happening.

Injection of patient 4 and 5, of which one is s child.

All tech transfer has been made successfully with MADE SCIENTIFIC.

I hope all of this will happen before Mr Sandler sign any kind of deal as it all has the potential to increase the sum offered.

But hey ho, in the grand picture, what is a little dilution among friends, as long as it stays among friends, ie the people who have been a lifeline to the company and acted in it's best interest.

They deserve another top up.

And once again my heartfelt thanks go out to them.

@Pingu777

Thanks for a great post.

I hope your right in two main thing.

That it can become the go to medication and treatment for most AML sufferer (the pessimist in me does not allow me to hope for all, sure mother nature has other plans)

And that Big pharma will pay more then the sum I had arrived at.

And why wouldn't they, as long as it is based on a milestone principle.

Reach the goalpost and there is a jar of gold at the end of the rainbow for us.

So they just have to agree on the percentages and the sum (and all the legal stuff, but that is just a minor detail:-)

In my view, the smaller the upfront payment, the bigger payout we should receive later on.

But, I think there is a good chance that we will get a good deal, because there are more then one interested party, competition is always good for a seller.

But most of all, anyone who who is interested in buying HG-CT-1, has most likely done their homework and are aware og CDX.

They would not want to burn the bridge behind them by insulting the company with s low-ball offer and horrible terms and conditions.

They would be afraid to see it go to a competitor, so rather stay on good footing with us and establish a perfect work relationship so a bond is build, and they stand a good chance of getting their hands on CDX, should that also be proven to work in the future.

So, yeah I'm also holding on to my shares, waiting for the deal to land.

Hopefully it won't be based on our shareprice in any shape or form, because then we can expect to see more volatility then we have so far this week (-:

If Hemogenyx goes for a no‑equity JV deal with a big pharma, here’s what a fair, but also shareholder‑friendly structure could look like:

Upfront cash (no shares issued, simply a sum paid by them, for the privilege of being the chosen one):

USD 25–40M.

At least 70% of this must be unrestricted so management can re‑hire scientists and cover corporate needs.

Committed development funding: USD 100–150M legally committed and paid in tranches tied to clear clinical milestones (Phase II start, Phase III start, manufacturing scale‑up, etc).

Tranches must include short cure periods and penalties/interest if payments are missed.

Optional additional funding: pharma must provide more if clinical data justify it, but only on pre‑agreed terms and milestones.

Reversion if partner stops funding: if the partner refuses further funding when required by the schedule, Hemogenyx should regain full rights to HG‑CT‑1 under a pre‑agreed reversion formula — e.g., reversion of exclusivity and rights.

Maybe a small reimbursement or a modest exit fee (not an onerous buyback, so think 1-2 million).

This should prevent stalling or gamesmanship and ensure that HEMOGENYX can continue on their own or with a new partner, should anything go wrong with the partner.

If a full sale of HG‑CT‑1 happens later: the purchase price should be based on expected annual revenue using a pre‑agreed multiple range (guideline 3–10x expected annual revenue).

This sum should cover other potential uses as well (imagine it could be used on ordinary AML as well, with modest weeks, unless that would count as a new product, HG-CT-2, for instance)

The exact multiple should be set by an agreed formula that accounts for territory and expected revenue.

Milestones & upside: commercial milestones plus tiered royalties or profit‑share if a JV.

Why this is fair.

Protects existing shareholders (no dilution).

Gives pharma certainty via milestone triggers and contractual remedies.

Prevents partner stalling by allowing Hemogenyx to take rights back under a clear, pre‑agreed formula.

Keeps Hemogenyx operational freedom to rehire the scientists who developed HG‑CT‑1, CDX and CBR.

De-risked

Which is a very sensible move

@Let-It-Roll

"Big Pharma is not going to sit on the sidelines and allow their competition to get in first."

I agree, but will we get the right price at this point in time.

When I did my Ai discussion which led to this thread, it was suggested that we would get s better price if had more data.

From 5-10 patients and had passed 1 year with Patient 1 alive and well.

I believe that HEMOGENYX should strive to raise money from the already existing shareholders that have shown a willingness and ability to secure funds for the company and get us over the goal line of at least data from 5 patients and 1 year from patient 1 (Hopefully for both them and us)

It increases the valuation significantly with data like that, especially if the day 28 cancer free notification can be replicated in paediatrics.

The numbers I ran is as it stands right now, I think it is worth waiting.

But should a big pharma come along and offer:

50 million upfront, free to use as we please.

Buy equity somewhere between 1-5 percent of the companies shares at a premium (read between 24-36 pounds a share)

And commit to 120 million earmarked to HG-CT-1 in various development phases (but if HEMOGENYX can do it cheaper they get to keep the outstanding amount)

For a 70 percent stake in HG-CT-1.

Then I am listening.

Otherwise, I am likely to prefer to wait it out, as the more data points we get, the more valuable HG-CT-1 becomes.

What are other people's numbers

And what category do you fall into

Candy now or more later

Or is the more correct analogy

A bird in the hand is better then 10 on the roof?

PART 2

- For the partner: a minority strategic stake in HEMOGENYX, which could become very valuable if both CDX and CBR, does what it says on the tin.

They get a certain percentage of HG-CT-1, which is the product they are interested in and the reason they are now in touch with HEMOGENYX (and that will of course be a vast majority deal of HG-CT-1, otherwise they would not pay the sums suggested above)

Key deal mechanics we should insist on

- **Freedom to spend:** At least 70% of the upfront must be unrestricted for Hemogenyx to rehire scientists, cover overheads, advance the pipeline, etc. Only up to 30% could be tied to milestones — and only if total upfront is higher to compensate.

- **Committed funding:** USD 120–150M legally committed for HG‑CT‑1 development with a clear tranche schedule (e.g., part on signing, more at Phase II start, etc.). Missed payments must trigger a short cure period, then penalties, step‑in rights or buy‑out options. (However if HEMOGENYX can develop HG-CT-1 cheaper, then they still get to keep the full sum)

- **Milestones & royalties:** Define clinical/regulatory milestones (totaling maybe USD 100–300M) and commercial milestones (USD 100–500M) plus royalties (roughly 12–16% tiered) or a JV profit split.

Include optional CVRs/earn‑outs but preserve guaranteed cash up front.

- **Enforcement:** Include penalties and step‑in/buy‑out rights for partner failure to pay committed funds; protect Hemogenyx shareholders from being left exposed.

- **Anti‑dilution & exit mechanics:** Pre‑emptive rights for existing shareholders in future financings; clear put/call mechanics and valuation rules for exits; fairness opinions on any materially different deals.

Does it make sense that a partner in a JV regarding HG-CT-1 invests at a premium?

I'll argue yes it does make perfectly business sense if they do not have Ill intentions for their business partner.

By making sure the upfront is big enough to fund serious research for several years it reduces risk for the partner and therefore benefits both the company and the partner.

If we get positive results from the further developments of CDX and CBR (and of course we do) and the funds are there and are seen to be there by the market, then that should result in an increasing share price.

That is good for the partners minority investment.

Should it go the opposite way then we hope with the research of CDC and CBR (which of course it does not) then it is after all only a small minority stake they have, which will hopefully not affect their own share price significantly.

I look forward to hearing your bids for today's Sunday backside driving.

Part 1

A backseat-driver’s guide to what a fair deal could/should potentially look like when it comes to HG-CT-1.

These thoughts also deal with CDX, whom a JV partner investing in HG-CT-1 now, might also be interested in long-term from a strategic point of view.

While at the same time respecting existing shareholders and their interest in CBR which is a completely different kettle of fish.

Here’s what I’d like management to push for in a JV deal regarding HG-CT-1 and HG-CT-1 alone.

This is based on an extensive Ai debate and I would like to hear your versions of a potential way forward and desired outcomes.

A nice little Sunday exercise.

Think of this as a practical, plain‑English checklist we can discuss and tweak.

Or even better, produce your own from scratch.

The goal: real cash now, committed funding for HG‑CT‑1, protect our upside, and give the team the freedom to keep doing the science that matters.

- Keep Estonia revenues to support HEMOGENYX until HG-CT-1 is a fully verified medication by FDA, after which it goes fully back into the JV.

It is my understanding that many JV deals contains the following:

Upfront payment.

Partner buying an equity stake.

Development funding of the product (HG-CT-1)

Headline targets

- Upfront cash to Hemogenyx: USD 30–50M (at least 70% of that must be unrestricted for company use, but preferably all of it).

- Equity investment into Hemogenyx: USD 15–25M as a direct placement, capped at a maximum of 3-5% of shares (pre‑deal).

Price must be at a premium.

Management should insist on a solid premium and based on the premium paid by Prevail Partners in the past, way before we had results of the phase 1 trials, it should be possible.

Just a reminder from the RNS’ as to what premium Prevail Partners has paid in the past:

18-3-2023 - The subscription price represents a premium of approximately 240% to the Company's closing share price on 14 September 2023.

2-10-2024. The subscription price represents a premium of approximately 275% to the Company's closing share price on 1 October 2024.

It has gone upwards (should we be so cheeky as to ask for a 300% premium to keep the trajectory:-)

- Committed development funding earmarked for HG‑CT‑1 US trials and manufacturing: USD 120–150M, paid in tranches on a schedule tied to program milestones.

- Optional extra JV/strategic capital can be negotiated later.

Why this is, in my eyes, fair to both sides:

- For Hemogenyx and shareholders: meaningful cash now, limited dilution, freedom to rebuild the team and continue advancing HG‑CT‑1, CDX and CBR, and preservation of near‑term Estonia revenues.