Member Info for soonbetime

Andybe4

When you wake up in America please don't BE BORING state the obvious

laserbrain

If you've got a good tip just say who the company are. Most sensible investors will do there own research and wont mind as long as you're not ramping the other company on the Cizzle board all the time.

ATB

SBT

The Synairgen story seems similar to that of Leeds United FC in the 90’s.
On the back of Covid and promising P2 results Synairgen got promoted to the Premier League. They then gambled everything investing heavily (using fund raise money) on an unsuccessful attempt on the Champions League (Sprinter trial). With a huge wage bill and limited remaining funds they swiftly returned to the wilderness of the lower leagues.

We ‘Lived the dream’ for 18 months but how will it end? Will RM do a runner like Ridsdale or carry on taking the huge pay cheque? Will we be ‘marching on together’ or simply watch RM sail quietly away into retirement when the money runs out?
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Taken from an ImmuPharma PLC end of year update RNS on the 22/12/2022:
The Company has been continuing to manage its cost base which demonstrates a cash runway through the end of 2023 and into the first half of 2024.
Board Remuneration
The Board is keen to emphasise its continued alignment with shareholder interests and value enhancement. There is recognition that 2022 has not delivered the advancement of P140 (Lupuzor™) into its next clinical trial and there has been a consequent negative impact on the Company's share price and valuation.
With this in mind, the Executive Directors have decided to waive the following amounts of their remuneration for 2022:
Tim McCarthy £187,500 (representing a waiver of 64% of remuneration)
Tim Franklin £159,500 (representing a waiver of 63% of remuneration)
Looking forward into 2023, the Remuneration Committee will agree with the Executive Directors an appropriate structure which matches the level of remuneration to the achievement of pre agreed corporate objectives.

Not wanting to turn this into a witch hunt but this is very similar to our current position and exactly the sort of action Richard Marsden should be taking now to protect our investment.

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Hope I'm wrong but feels like this is being set up for a low 25-30p offer by Polygon late Feb. With no trial and an information vacuum all we need now is a worse than expected financial update to seal the deal. Maybe they've even agreed RM and the team can stay on but with a lot more input from Poly. Really don't see why big Pharma would be interested currently, surely if the were with Synairgens Management connections something would have happened by now.

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Not sure why mr costs still comes on here to rant because we all know Synairgen missed a massive but nothing can change that now. Things can change moving forward so I do think there are valid questions with regards to RM’s position and salary as well as other members of the Synairgen team. I’m sure they are all working hard to get on another trial or secure additional investment through a JV. However, he has stated they intend to prudently manage costs. SNG001 is very unlikely to be commercialised in the next 2 years so are 30 staff required for what is small biotech/research company? On top of this quite a few of them are being paid what I consider to be huge salaries. Do we currently need a Head of Communications, surely one of the other senior managers could cover this role. It does intrigue me what they all do on a daily basis with no trial ongoing or product to sell. Does RM have more loyalty to his staff than the people who are paying all their wages, the shareholders.

Whether we get on a trial or not I do think the Structure of Synairgen needs looking at to provide best value to the shareholders. RM and the rest of the Team did a good job at the AGM telling us what we wanted to hear but the proof is in the pudding. Poly have let them get on with their work so far but it will be interesting to see if we don’t get progress soon whether they will intervene. Almost a year has gone by now with the drug not being trialled so something as got to happen soon.

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Hi Jint
Thanks for taking the time to reply and your insight. I think RM and the team are ambitious but from interviews I've seen they all seem polite, understated and very British making it hard to determine their drive and energy.
Hopefully there are still exciting times ahead for Synairgen.

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SBT

Thanks for the brilliant feedback from the AGM.
I think this message board will be a lot quieter over the next few months as a few long term holders put this share mentally in the bottom drawer now the AGM is out of the way. This share and message board had probably become an unhealthy obsession for many over the last 2 plus years.
From a personal point of view the AGM went as I expected with no new startling information but some hope for the future. I’m still not sure if Synairgen management are driven to commercialise the product or comfy as a university spin research company earning very good salaries. Polygon may not ultimately act in small holders interests but at least they will hold the management to account in the short term. Time will tell and I hope I’m wrong but I don’t see the share price above £1 in the next 18 months.
I’ve mainly been a silent observer but thanks to all (nearly all) who have contributed on this board over the last couple of years. It feels like we were so near but so far.
I’m going to maintain my holding for the long term but will probably only check in quarterly.
Good luck with all your investments.
Cheers
SBT

HelloSanDiago
I’m a disappointed shareholder who believed in the product but acknowledge that this was a risky investment. RM and Synairgen never promised anything and underplayed the product if anything, data is King was the mantra.
I may however turn into a disgruntled investor on Thursday after the AGM if more detail is not provided on the trial and some clarity provided on plans for the future. I don’t want it to be a witch hunt but would like some honest feedback. As shareholders I think this is the least we expect and deserve.

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SBT

1. What was the outcome of Sprinter futility analysis?
2. Does the company regret the lack of communications in the weeks post sprinter?
3. Were improvements in soc taken into account when designing the P3 trial?
4. Was P3 trail design overly complicated and were the correct end points chosen?
5. As SNG001 is unlikely to be commercialized within the next two years, what are the plans for the staff recruited in anticipation of successful trial results?
6. With no commercial income can you justify the high pay of some employees working at what is essentially a small research company with salaries funded by shareholders?
7. Hindsight is a wonderful thing but what, if any, mistakes do the company believe they have made over the last two years and what lessons have been learnt?

A few questions to add to the list some of which may already have been covered.

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Sax

Do you know why Faron have concentrated trials on heavily pre-treated patients with significantly compromised immune systems? As you say the potential on earlier stage patients is huge so surely at some point these patients will also be targeted.
I know there's not much to say but haven't seen you comment on the sng board for a while? Hopefully Faron will come good :)
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SBT

If your breakeven price is £2.50 I think that would be worth celebrating.
If its 30p, don't think I'll bother. :)

Hi Burstead

Was you holding shares pre P3 readout? You seem very negative on Sng at the minute which is understandable if you where.
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Andy

Obviously you are hurting and bitter which is understanable, I share many of your thoughts on the company. RM is overpaid as CEO of a small research company and should have fronted up in the 1st week of P3 results.
However, Synairgen never promised anything and underplayed the product if anything, data is King was the mantra.
Ths P2 trail showed a lot of promise but was very small, confirmed by many peer reviews. Synairgen were were rightly opportunistic and raised a lot of money through the fund raise on the back of this. The P3 trail design was very complicated with what appears are now questionable end points. I don't blame RM for this more the scientific advisers within the company and external ones who were paid a lot of money.
RM has been criticised for not driving the company forward and bringing the product to market but perhaps his biggest mistake was Synairgen trying to get this to market on their own.
I know you always had your doubts which is probably what's eating away at you but you paid your money and made your choice. I've resolved myself to the fact that the company made mistakes but so did I. We could (and should) have sold up pre P3 results but hindsight is a wonderful thing.
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SBT

I think my position is the same as many on here. Believed in the product, got emotionally attached, over commited and got greedy whilst ignoring all the golden rules of stock market investing and AIM in particular.
What hurt me the most was averaging up shortly before readout believing they had passed the futility test and believing the soft signals of recruitment. I got greedy dreaming of life changing profits and thats my own fault. I will be intersted to find out over the next few months what mistakes the company made during the trial, I just hope they are honest.
On the plus side I've learnt an expensive lesson in investing and life in general but I'm fortunate that I've got enough capital to fight another day. Also still got lots of my golden tickets. lol

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SBT

A question to Beforegolf and other LTH's. Have you increased your holding post P3 results or like me just waiting to see how things develop over the next few months with the hope (no expectation) of positive news.
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I think the RNS was to clarify that that the future of the trial is uncertain. lol
Also hope this gave Polygon an opportunity to top up under 20p. I don't think Poly are our saviours because they can't force the price up if there's no product but they will hold the management to account and prevent a low ball takeover price if anyone was interested.

Cheers

SBT

I think the reality is that Synairgen will never get this product to market. It will probably be years before further trials are completed to fully prove eficacy or not. The hope is a pharma still sees potential in the product and buys the company otherwise this is going to be a very long haul. It's not pleasant but the company now needs to cut its cloth accordingly and dispense of the services of some of the expensive senior recruits from 2021 which quite frankly are not needed now. Not wanting to make it a Richard Marsden witchhunt but I've always been surprised at at the level of his salary for a small research company with very limited resources up until the fundraise.
Hopefully Polygon with their large holding will use their influence to make much needed changes within the company and realise the products potential.
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SBT

Hope I'm wrong but after reading the SAB press release I think it will be confirmed in the next few days that Synairgen's participation in the ACTIV2-P3 trials will also come to an end. No proof but they way things are going it would come as no surprise.
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SBT

Was futility analysis definitely carried out? If it was, maybe even though it didn't look like the endpoints would be met they thought it was a worthwhile exercise to complete the trial because they' d never get the opportunity to complete a trial in this setting again with the hope it demonstrated some positive data. If that was the case I'm at a loss as to the recruitment drive and Ashfield tie up.

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