Member Info for volmer

Yes, You are right. A very nice set of accounts and insurance results. Leakbot will make them even better, all other things being equal.

Jim nominees is the nominee used by Investec.

Yes, I think it is and saw that yesterday. It was invented by Kevin Hammond and assigned to Incanthera. A number of other patents have been invented by Hammond and assigned to Hypens Pharma, a Singapore company that has launched and sells a number of its own proprietary range of dermatological products and health supplement products. The patents to Hypens Pharma all include a topical administration of a polyhydroxy acid and are all to prevent skin conditions involving a defective skin barrier such as eczema and severe dry skin The Incanthera patent does not include polyhydroxy acid; it is something very different and covers the use of the topical formulation as a cosmetic agent.

Chris, if the shares had been suspended I assume it would only have lasted until the news was released. I suppose the company would have been advised what to do.

This is news I did not expect and I guess nor did anyone else including management and the institutional investors.

The fact is the technology is patented and has gone through the patenting approval process and then is published. A big point in Incanthera’s favour.

We know that other tech companies experience patent challenges and in the majority of cases they are dismissed. But they have to cease using the technology until the case is resolved, I think.

Before buying Incan I did my research and tried to nail down the risks. This was one risk I did not identify and if I had I would have allocated it a low probability and it would not have affected my investment decision. But here we are. It needs to be resolved and will take time.

There is no factual basis for me to throw blame at anyone and I don’t want to do it anyway. I will not hide behind anonymity. I can’t understand others doing so, especially the insulting and libellous ones seen on this board. Except that they are hurt and want to blame someone but not themselves. I’m hurt by this as well but we all take our own our decisions and we own them.

Let’s remember the enthusiasm of the board at the recent AGM. I think this was not the action of people who had something to hide. It is worth re-reading the bios of the board members. I have no doubt as to the board’s integrity.

Vascular, many thanks for your research. It confirms what I had heard.

Increase in production is great news. The sales outcome in the US will be significant and provide a much increased stream of monthly fees from insurers. This will be accompanied by Ondo supplying the Leakbot units at its own cost. This will almost certainly put back Ondo cash flow breakeven point with the need to finance the increased supply of Leakbots. Will this neeed a fund raise or how will it be financed?

There may be more news at the AGM next Thursday. Is anyone attending in London?

On 30 September Incanthera announced on X its products are ready for launch together with pictures of four.

“@incantheraplc

is delighted to present its Skin + CELL range, completed for launch across Europe and the $US multi-billion luxury health and beauty markets. Skin + CELL brings ground breaking formulation and delivery expertise for scientifically proven formulations to skin.”

The great thing about this is that the company has done what it said it would do. It has provided Marionnaud with products for its launch. This was originally planned for 80 stores but is being extended across Europe with details to be announced by them.

This is a big plus for management and reduces uncertainty and risk.

We should not under-estimate this. So many companies experience delays in operations as unexpected things happen. Put simply Incanthera have done what they said they would do. This is a big plus for management and reduces uncertainty and risk.

A very important point Chrisdp86. You could contact IMM's nomad and discuss it with them. They are usually quite helpful. I don't know what the position is with AQUIS but Cairn Financial Advisors seem to be the firm to contact.

In the rns they said "The extension of the Warrants has been treated as a related party transaction pursuant to Rule 4.6 of the Apex AQSE Growth Market Rulebook. Mr. McCarthy has not been involved in the Board decision in respect to agreeing to the terms of the extension."

I think you are absolutely right about relinquishing one chairmans role. Incanthera cannot be seen by it's blue chip customer/partner or any other potential customer to be acting anyway other than with utmost integrity and professionalism.

John Howes the new non-executive director should have dealt with this issue.

I am sure Tim McCarthy will take the right decision and soon.

The initial product launch for Austria and Switzerland required delivery of products in September. Frike will have manufactured these products for delivery this month, yielding first order revenues of ca £4m. The question is whether these products have been delivered and paid for in accordance with the order placed by Marionnaud. If not, have there been production difficulties or have M asked the delivery to be postponed?

The second question is why have Marionnaud delayed the product launch? Why have they changed the roll out from Europe and Asia to a Europe only? Is the reason a marketing one or is there another reason that we are unaware of. This is the sort of uncertainty that markets do not like.

Transparency is important and Incanthera has been good at that. Marionnaud is the senior partner in the relationship and Incanthera can only publish what is approved by M.

There is a nagging uncertainty that there may be another reason for the change in the launch plan and the delay. Two sentences in the rns giving the reason for the change in plans and the status of the initial order would have been adequate.

BigBiteNow, thanks for your work and comments.

Equity developments in their note have said:

“The clinical development program for XF-73 nasal is in transition while partners review the recently available protocol changes and costings.

Destiny could start the Phase 3 studies alone to increase the value of the asset before partnering, but this would require further funding that could involve a stock offering. All the options for XF-73 nasal will be explored in the strategic review.

Destiny have also discontinued and returned of the rights to the SPOR-COV program on commercial grounds since the emphasis of this product was the prevention of respiratory infections and evolved as a result of the pandemic. Destiny’s other earlier-stage programs are grant funded.”

My understanding is the Strategic Review will cover partnering and the potential funding for the company to conduct phase three.

The company has said it will consider a range of strategic options for XF-73 nasal, including licensing and the company securing finance to enable it to conduct the Phase 3 clinical studies. In the presentation with questions and answers the CEO said he wants to avoid dilution for shareholders. The fundamentals of the business remain unchanged except that phase 3 has been redesigned to improve it and lower the cost.

Destiny has said it will continue negotiations with prospective partners and also consider other possibilities to fund phase 3. This is a good move as it gives Destiny flexibility and enhances its negotiating position.

One option is to put XF-73 into a separate company. This would allow funding for this subsidiary company and avoid dilution for shareholders of Destiny Pharma Plc. This finance could be a combination of equity and debt.

While Destiny would be reducing its 100% ownership of XF-73, it would end up with a more valuable product after phase 3 and FDA approval. XF-73 would then command a higher price from a big pharma partner. Destiny would have a smaller share of a bigger pie.

Would a partner be found for the XF-73 company? There is plenty of cash out there looking for projects, especially ones that offer relatively low risk and high return.

Destiny Plc would only need funds for admin expenses and any non-grant funded development of t=other products. Once the Sabela deal progresses stage payments will be paid and contribute to the company’s needs.

IMO any news of a pharma deal or a deal funding phase 3 at a subsidiary company level will put this company right on track to meet broker share price valuations.

I approached todays meeting thinking that management had somehow failed in their approach to negotiations with potential XF-73 partners.

Having heard managements' presentation and answers to questions Destiny:

1. Has a better phase 3 program costing less than half of that previously planned.

2. Plans for an enhanced XF-73 proposition including MSRA.

3. Can now resume negotiations.

4. The timescale does not seem significantly longer.

5. XF-73 has been de-risked.

My thoughts are the basic XF-73 business proposition has been enhanced. The delay is not earth shattering. Funding is an issue and management have the urgency to dela with it. My confidence in management has been increased. We have heard nothing to indicate a change in the fundamentals of the products or the business.

ThunderRoad and kipper, its not just Destiny. Look at all the other small caps. So many are showing outstanding value after price falls. Let's not forget that it is the end of the tax year and this is a time when investors adjust portfolios for tax purposes leading to selling for tax purposes. Perhaps this is also a factor for some small caps.

Tillerman, nice post. Are the XF-73 negotiations are taking so long? When you think about it this is a major investment decision for big pharma. Blue chip companies are rigorous in their investment decisions. A big issue for Destiny is the up front payment for any deal.

For M3 Sabela committed to $20m with only $1m paid up-front. That is the problem. JV companies may be looking for a similar deal that is not up for grabs now, IMO. That’s why we have Nigel Rudd and Chris Tovey in place. The new Destiny team will want something substantial.

For the up-front payment I’d be looking for around $40m, perhaps half of what has been spent on developing M3. The trouble is M3 has set a precedent that new management will want to kick out of the ballpark.

"Normal" trading seems to be back. Price now reflecting this.

Both sellers are out. Its current buyers and sellers that are now setting the price, subject as always to the games of the market makers.

Krull, I think so but you may need some sun cream when you come out.

Big spread today. They know there will be small buying due to the Mail and will probably pull the price back down tomorrow.

Thanks. I wonder if the seller has finished.