Position1 May 2019 10:50
Well actually feeling much better after how l felt over the weekend digesting matters, jn fact a little more upbeat dare l say it!
Compounds:
101 - Very early days
201 - University College London Hospital doing a great job and with 30% reduction in PSA on 4mg, hoping for +50% on up to 16mg. The last RNS was also pleasing “to seek a partner or licencing agreement with a pharma company or proceed to a proprietary pivotal Phase IIb/III study.”
301 - 50% reduction in legion growth and hopefully can be fast-tracked on the back of 201.
401 - 300 days longevity of patients, 2 x LoI signed, deal imminent.
Financing:
Be interesting to see what monies are left in the bank now.
401 funding by VAL finished last year and if they get a partner for 201 after analysis, then we could see a further reduction in cash burn by 25% (or not), but either way it keeps falling - look at the accounts.
We now have £1.3mn new monies to arrive and have seen a subsequent 20% fall in SP to counter the dilution. Under the EHGO contract for June signature, there cannot be any further dilution until 12 months after the first drawdown of any CLN monies, so no more dilution until after Jun / July 2020 at the earliest. If the £1.3mn lasts until year end then that extends out exercise of any CLn until to start of 2021 by my calcs.
The CLN’s are exercisable between 12 months from issue and up to a max of 5 years. The warrants are just 0.15 of total commitment during a 5 year period so hardly much more dilution. They also have the option to stop / freeze the automated drawdown and cancel after 8 payments if need be.
After all the death spiral talk, thought it would be good to show a different angle to the funding etc. Also the financing deal will def go through at the AGM - they always do, so forget the break fees!
Its all about getting the deal(s), they have bought time, they have 2 - 3 years of funding if needed and they definitely have the science.
GLA
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