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This is more or less what I expected in principle. The deal on offer is riskier, and less advantageous to long term retail investors than I had originally anticipated.

Should this go ahead, TFG are effectively in control, and retail investors are in a very vulnerable position. The fact that it has taken nearly three years reinforces both Synairgen's total failure to attract investment, when we were in a far better position than today, and TFG's long term strategy towards securing a potentially high reward to their original investment.

There is still a lot to consider here.

I should add that the CEO's "Judge me at the EGM" comment was utter nonsense. He had little if anything to do with this TFG-led funding deal.

“2 weeks away from 2025 and still no details of trials.”

Unfortunately, that is the way it has always been with Synairgen. Common courtesy in keeping investors informed about changes to their previously announced trial plans simply does not occur, and never has occurred to them. When they employed a high level communications director, all we got were irrelevant messages on twitter/X and LinkedIn.

The share price fluctuations are only of interest to traders. There is no significant change as far as long term holders are concerned. The share price fell to these levels when the CEOs associates took the decision to dump their stock. The share price has stagnated since late March this year.

As I see it, Synairgen has delivered nothing to investors in nearly 34 months. Our MCap corresponds to the residue of the Phase III trial capital from investors.

There is no added value corresponding to the SNG001 formulation, or the accumulated data from the various company trials. The vast number of published papers that discuss the antiviral potential of interferon-beta at length have added nothing. Neither has the Winter hospital crisis with crowded hospital wards of patients suffering with serious symptoms as a result of viral infections. Contributors, who reiterate the latter are thinking wishfully, nothing else.

The only recourse that might improve the company’s position, and our investments along with it is a (forthcoming ?) positive announcement concerning Synairgen’s future plans, whatever they may be? Isn’t it surprising that no one outsider the company’s inner circle has any real idea as to what lies ahead - when they finally decide to tell us, that is?

It is still a case of hope for the best, but prepare for the worst as far as I am concerned. I have lost all trust in Synairgen’s CEO and BOD. Are they acting in the best interest of all concerned including investors, or looking out for themselves? I really don’t have an answer to this?

I concur, as I was expecting a positive announcement from Synairgen this week. In the past, phrases such as “working at pace”, “imminently”, “next Winter”, “sometime during H1, 2024” OWTTE have been used. These were vague and indeterminate statements.

More recently, a definite trial type and size has been stated, as has an as yet confirmed funding source. A more precise deadline was given to investors, face to face, at the AGM. My impression from the first class feedback was that eight weeks would be the maximum time needed prior to an announcement, and that a meeting with investors would be scheduled shortly thereafter?

The fact that yet another “deadline” has expired leads to questioning the sincerity and/or competence of those involved. I would be very surprised should we now hear anything from the company this year or soon at the start of the next? I shall need to wait and see, but would be pleasantly surprised should we hear anything imminently?

Fruitsnveg.

Thank you for re-iterating your comment about non-dilutive funding. I understand very little about this other than the articles that I have read. Most of these suggest grants to early stage companies; and repayment from future earnings as a basis for reimbursement?

I cannot fathom how “quid pro quo” situation would work for Synairgen? We are a company with £9m market value, based on our dwindling capital. There has been no consideration for IP, or data in that valuation? Hasn’t the latter been made freely available to all at the conclusion of the various trials and (in vitro) testing undertaken by the company ?

Synairgen is currently negotiating for the £30m-£50m?that will be needed for the anticipated trial to go ahead. What might the company offer in return on a quid pro quo basis in order to secure that sum?

Our MCap was briefly at around £60m in July 2022, soon after TFG increased their share of the company. Since then, nothing has been achieved to defend or improve that position and we have seen the company’s valuation decline steadily to its current level.

I am expecting a three to four fold dilution depending on how much capital the company is seeking? I don’t necessarily see the share price falling as a result? It will all depend on the quality of the information released by Synairgen, and how the market judges its chance of success in my view?

GLALTIs.

Share price dilution is the inevitable consequence when a company raises capital by issuing more shares. The so called non-dilutive funding is in essence a loan to the company, which needs to be reimbursed subsequently. There is no doubt in my mind that the loaner would have negotiated an additional interest payment on top of the return of their original loan.

Good answer from Wigster to Gampy’s question. Should the trial scenario play out in accordance with Wigster’s hypothesis, long suffering investors should be okay, in a few years’ time perhaps?

Our average buy price won’t change unless we purchase more shares now or during a share issue from the company. It is the sell price in relation to the average buy price that determines the outcome of our investment.

Good fortune everyone. If the company is finally true to its word, we should be receiving an update sometime this side of Christmas?

It is nearly three years since our optimism was shattered by a trial6 result. Many investors moved on at that point. Some of us remained invested. Our belief in the product was undiminished. It now appears that it was the lack of experience, and dare I say it, competence within the company, that led to trial failure?

A long period of time has elapsed since then. There has been a series of false dawns. Based on the excellent trial notes kindly provided by forum contributors, it seems to me that the company could soon embark on a recovery trajectory?

It is imperative that they keep their promises from the last AGM, and provide us with a detailed plan of their forthcoming intentions. The fact that nearly three years on, we are still having speculative conversations on this forum is not a good look. I repeat myself in saying that it is high time that Richard Marsden et al inform us about the forthcoming trial and the funding arrangements they have negotiated. When a precise deadline is stipulated to investors, our expectation is that it will be fulfilled, give or take a little, within that schedule? Next week perhaps? We shall have to wait and see?

Vert many thanks dippfs. Your detailed notes are much appreciated.

If we take the recent AGM as our starting point, Simon Shaw’s “relatively imminent” timeline of 6-8 weeks for a trial and funding announcement ends today. As stated previously, I would be well satisfied should we receive the expected news this month.

It wouldn’t go down too well should the company drag this out for several months, and subsequently announce further impending changes with details to follow in yet another 3-6 months. A short parody of their previous shenanigans perhaps?

Enough is enough! Investors need to learn the truth about what really has been going on for the last three years, and what they have planned? More of (you will hear from us) imminently, sometime next Winter, or during H1 2024 are no longer acceptable to most investors. Especially not when the Synairgen execs continue to draw excessive salaries (for a tiny company) while producing nothing!

TFG manage approximately $42b of assets in their various instruments. Their investment in Synairgen currently totals some £2m+. I doubt whether the company benefits from much of their attention? I agree that their support enabled Synairgen to pass all the resolutions at the recent AGM.

I would welcome any deal involving the sale of Synairgen’s IP assets and data to a larger entity, for a fair price. I have no idea what that might be?

Following nearly three years without anything happening, I would settle for 50 - 100p per share, and write off my losses for once and for all.

The “Judge me at the EGM” comment awakened my interest initially. On reflection, should investors trust Richard Marsden based on the company’s dismal performance over the past 33 months?

GLALTIs.

" ..... zero comms for a whole year, zero shareholder engagement ....."

Perfectly true Doc.D. More than this, we haven't yet received a communication with positive consequences for nearly three years. It has been a period of unfulfilled statements about future trialling, always issued with vague timelines. At the eleventh hour at fifty ninth minute, these have been swept to one side, and replaced with something else, without apology or any explanation to investors.

The statement from the recent AGM is probably our last chance saloon? If Synairgen announces details of a funded MV trial this week, or soon thereafter, then all might be well again, at least for the time being? Let's face it, the CEO and departing CSO have both failed the company. Perhaps the senior staff, who joined the company recently, and are not tainted with past failures, may yet be able to turn things around, and achieve an imminent funded trial launch?

Since 10:45:42, 97 trades, all less than the cheapest broker’s fee, have been placed. The total number of shares sold is around 10,000 and the result is a decline in the share price to 4.35p.

Does anyone have any ideas concerning this sudden burst of (apparently) pointless trading activity?

Hi Gampy,

Speaking personally, my options are either to continue to hold my entire shareholding, or to add to it. That will depend on the trial details, and the financial package presented to investors in the anticipated RNS.

Selling has never been an option, much to my regret. When TFG added to their shareholding in 2022, I did something broadly similar. That didn't work out too well for me.

However, I still believe that Synairgen can relaunch its aim at marketability, depending on the outcome of the MV trial? The chance of success has improved with more experienced personnel taking charge of the process. Investors will need to wait and see what happens imminently, and base their strategy on that development. Hopefully, Synairgen won't delay matters any longer than is necessary!

It is odd to see 1m shares sold so far today? I expected the opposite following last week's two positive RNS announcements? It is so difficult to predict what will happen next with this equity?

We are still within the 6-8 weeks estimated timeline estimated by Simon Shaw at the AGM. It appeared that Richard Marsden needed greater flexibility prior to announcing the trial protocols and associated financial arrangements to investors?

Personally, I shall be reasonably content if the aforementioned details are with us before Christmas. I shan't attend an EGM, should one materialise? It is now unlikely to happen until the New Year?

We have already waited some 33 months for a concrete trial announcement. Hopefully, we will have the necessary information to consider our options before the end of this year?

True enough. The “deadlines” we were given were so vague and far ahead of the announcement date rendering them meaningless, as proved to be the case. This time around, the trial announcement deadline is shorter and more precise than before. Whether it is met is still questionable? Personally, I am more optimistic this time around.

One contributor has offered plausible reasons as to why it may not be met? These reasons are true for all clinical trials and, perhaps, explains why previous “deadlines” were so vague?

Having experienced failure in their last two clinical trials, Synairgen will want to get it right this time. The new Chairman is very experienced as is our CMO. With these two individuals in the team, we have a better chance of success than for the previous failed trials.

Finance doesn’t appear to be an issue, and we shall have to wait and see what the company announces about how the trial will be funded? Hopefully we will be put in the picture during the next couple of weeks?

38 tiny trades @ 8:01:52. Most of these are less than the broker's charge?

This company continues to neglect its responsibility to investors with the ongoing lack of communication. Senior company personnel appeared to be winging it at the AGM? Is this a serious business? There is still no notification about a replacement auditor? It is high time for the Chairman and CEO to get a grip on the situation, and offer a concrete explanation to investors as to what is really going on,

It is important that Synairgen announces the trial protocols, and funding within a matter of weeks.

Investors have been misled by the company for several years. Costly errors have led to investors’ cash being wasted. Under-qualified individuals, in terms of their experience and professional interest, were in charge of our Phase III trial, and the consequences were disastrous both for the company and for over invested LTIs.

The fact that a number of us have remained with this investment shows that we still believe in our product and its potential.

It has taken an inordinately long time to reach this point. I have been assured by some of my colleagues that the path towards a biopharmaceutical trial is long and difficult.

However, it is evident that Synairgen have misled investors in terms of the nature of our post Sprinter trials and their timing for several years. I am putting this down to the inexperience of key company personnel. With the recent appointments of a well respected CMO, and an appropriately qualified and experienced Chairman, I am hopeful that we will fare a lot better this time around.

There may be more pain ahead, depending on the nature of the trial funding source. Following a discouraging 33 months, a number of LTIs are still on board with belief that our investment can be turned around. I hope that our CEO is aware of this, and will do his utmost not to keep investors in the dark for no longer than is necessary.

Yesterday’s RNS was important regarding the progression of our product towards a Phase II trial. Our new Board member has relevant experience, and this will be useful in navigating the company through the process.

Today’s announcement should assist IB with the sale and licensing of their technology so that they, in turn, can continue with developing and testing their products. Encouraging progress has been achieved this year, and the partnership should ensure that it continues.

As a LTI, I hope that our CEO and Board will keep a steady hand on the tiller, and guide us into calmer waters. Potentially, there is good profit available to all who are invested in IQ-AI, especially if the company is acquired by a large entity in the future? It would be most unhelpful if we were subjected to the scale of disruption that brought us down to the current level earlier this year. No amount of rhetoric from a company apologist on this forum will convince me otherwise.