TILS Future25 Feb 2021 21:47
Oh dear. The longer I hold this share the more I feel that Dr K has no real interest in commercialisation and seems much more interested in research and acquiring patents. Everything remains at very early stage. The governance of the company is poor and he appears to have no adequately heavy hitters on the board so runs it as if it was his own private company. The total debacle over listings changing, ADRs and Accustem is indicative that there is no thought of proper process.
My mood is not enhanced by the fact that my recent email to the company remains unanswered. Not even an acknowledgement. I wrote asking whether he was intending to try and get government assistance with progressing Foralumab trials for Covid both here and in the states since both countries are looking for appropriate new treatments and are prepared to fully or partially fund them. However it appears maybe he isn't concerned about the product for Covid any more. If he was we would have been informed before now of the proposals he had for progressing the treatment through to authorisation. Also we seem to have been waiting a fair time for publication of the data from the P1 Brazil trial. If he thinks a tie up with a large Pharma is possible then it is even more important to show that you are able and intending to progress in any event. Such a plan, costed and prepared, enhances the negotiating strength of the company.
Any self funded Phase 2 trial might be 12 months before completion and may well require more cash, if of any significant size, bearing in mind the two other trials intended this year. The timing is probably so far in the future that the situation on Covid prevalence and other drugs coming to market is uncertain.
Obviously, my negative take is exacerbated by the dire SP performance and the fact that I am reluctant to crystallise my heavy losses. At one time I could have sold out with only a minor loss but not now unfortunately. There are some good propositions in the pipeline but following the last nine months history I can't see that the boss has the people around him to focus, target and achieve monetisation for any of the potential drugs over which there are patents.
Spinnaker