The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
POLB-003
- vaccine candidate for subtropical disease meliodosis - due diligence completed and decision made to progress this program
- Spreading more widely than subtropical regions due to climate change
- Found in US recently; country now on ‘high alert’ so potentially of major interest to pharmas
- POLB-003 had 75% survival rate of immunised mice over 81 days
- Study accounting for the major comorbidity of diabetes with a standalone insulin resistant mouse model - confidence gained in this patient subpopulation
- “Nothing else out there for meliodosis” so POLB “has a bit of an edge”
- Five option agreements under consideration for further vaccine antigen candidates including E Coli and cystic fibrosis
- Oral vaccine development platform - POLB has identified strategic partners with whom to collaborate on this
- Aim is to trigger ‘mucosal immunity’ - immunity where the infection occurs to prevent the pathogens infecting the rest of the body
- Several advantages over needle vaccinations - needle phobia is overcome thereby increasing vaccine uptake, easy storage at a range of temperatures and healthcare staff not needed to administer
- AI huge area of focus for pharma industry generally for drug discovery and development, POLB ‘very happy to be a contributor’ in this space
- RSV - stage one of AI program is complete for RSV, outputs expected by the end of 2022
- Influenza AI outputs expected in Q2 2023
- Three near term value inflection points - two bullet points above, plus POLB-001 trial results
- New head of business development and global clinical director coming on board shortly
- “Exciting time to be an investor in POLB”
Questions
JS - why aren’t you buying shares?
- Jeremy shares the frustration around this, he remains an insider, guided by Nomads that he can’t buy shares. Personal broker has cash in JS’s account so when he gets the green light he will be going ahead
Share buyback?
- Fortunate to be in such a strong financial position that meant a buyback was approved; from a funding standpoint we have an exciting programme pipeline, looking for additional assets to bring in the pipeline for development, so funding better spent on this rather than a buyback. Any pharma partnership will be a significant revenue driver. Option for buyback remains on table but no need for it currently
How much will P1 challenge study for POLB-001 cost?
- Can’t be specific but “not that expensive”; all healthy volunteers and the Dutch company does this type of trial regularly. “Very manageable” cost, “not in the multiple of millions”
Share price - any comment?
- Challenging times, JS shares the frustration but company is executing on its strategy, share price does not reflect the value of the company. We will continue hitting our milestones and we expect the market to ultimately recognise that but we are currently in “choppy waters” externally
Made a few notes in the webinar just now. JS seemed very confident about the near term for POLB so looking forward to the rest of the year here. Please add anything I missed if you caught it - a lot of the early slides were known info so didn't note down everything here.
- £18.9m cash as of end of June 2022
- Goal of POLB is to get early human clinical data and then partner with pharma - “will be very active in the near term” when it comes to partnerships
- Pharma focused on being better prepared for future pandemics than they were for coronavirus
- “Tremendous amount of progress” since company founding
- POLB focusing on European and NA rights but also open to any approaches from Asia
- Pharmas “love human data”, “gets deals done more quickly” compared to just preclinical data
- POLB currently running challenge study in the Netherlands for POLB-001; data readout by the end of the year
- Deal terms available from big pharma are “quite attractive” in terms of upfront and milestone payments; pharma are “actively looking” for products to acquire/in-licence
- H1 2022 saw “strong momentum with significant strategic and operational progress” in terms of patents, manufacturing, clinical trials, AI programmes and further development of POLB’s own pipeline (002 and 003)
- Patent protection on POLB-001 up to 2038
- Company is exploring non-dilutive grant funding, but is nevertheless already well capitalised with low cash burn
POLB-001
- ‘Potential blockbuster’, already known to be safe and well tolerated, could be ‘transformational treatment’ meeting an unmet need for severe influenza, currently nothing available to treat this
- viral strain agnostic, with potential peak sales of $275m just in Europe and US, for influenza alone (potentially other applications)
- POLB has worldwide rights for POLB-001
- POLB is capital light but is still de-risking its programmes - POLB-001 has already been in safety studies so is known to be safe and well tolerated in humans - “we have a good chance of success… we are very excited about that”
- Trial design is randomised, double blind, placebo-controlled, multiple dose, inflammatory challenge trial; three cohorts with escalating dose, 12 volunteers per cohort
POLB-002
- broad spectrum antiviral - “excited about” late preclinical data package
- Derived from 20 years of research and potentially “game changing” to find a treatment for respiratory viruses where we “don’t always know what we’re treating”
- US and European patents granted and continuing to expand - important for adding value to program
- Scoping manufacturing for POLB-002
- POLB-002 has potential to be stockpiled for potential future epidemics
Hi Thompi, yeah I'm still here, it's all fairly quiet ORPH-wise at the moment so I don't check in as often as I used to. Good to see you over on the AVCT board as well, hopefully an exciting few months coming up for both companies. All the best
Love the headline underneath that article too HighlyGeared.
"What can Merck afford to buy now? ‘ANYTHING’ it wants"
https://endpts.com/what-can-merck-afford-to-buy-now-anything-it-wants/
https://www.bbc.co.uk/iplayer/episode/m0018smn/bbc-news-at-one-29062022
6 mins 10 secs in if anyone wants to watch the report.
Spinouts - why haven’t they happened? Is economic climate preventing divestment?
- Current environment is not favourable to IPOs, they may not happen this year. CF is concentrating on spinouts, looking for right offerings when we do progress with spinouts. Current market is however not optimal. We “will wait and see”, when the market changes we will be ready to go
Nasdaq listing?
- Similar answer to above, unlikely to happen in short term
Good news on EBITDA increase, however can you explain 2021 cash burn?
- Some one offs related to capital reduction and spinouts, also capex for maintenance on facilities and equipment. Also some timing difference in terms of R&D tax credits. Normal “ebb and flow” in terms of cash receipts from clients. Cash outlook is very strong, client wins we’ve had recently will boost it further due to pre-payment element. “Normal cash cycle is really healthy”
How many new challenge models by end of 2022?
- Not going to give a number but we have ongoing development re: new challenge agents, strong scientific team working on these. £14.7m contract was a new challenge agent that we developed
What is US IND regulatory constraint?
- IND has to be submitted as challenge agent is treated like a drug being studied. In the UK these regulations do not apply
Is non-challenge P2 trial being used as a 'test and learn' or will it be regular offering?
- Will be a regular offering but won’t become main business area
Recruits not eligible for challenge studies due to antibodies - can you elaborate?
- Need to make sure that volunteers don’t have flu antibodies for a flu study for example as they will not become infected when given the virus, and therefore can’t take part in the trial, They can be diverted to a P2 trial which doesn't have this restriction
Cost vs revenue per employee - trajectory?
- Revenue is increasing much more than costs per employee
Early talk of a 30% EBIDTA target for 2022 - on track?
- Don’t want to overpromise but realistically speaking, Mo doesn’t believe we will hit 30% but likely to be well into double digits. 30% target is not a short term strategy but may happen over the long term
How involved is CF?
- Very involved, in the office regularly, CF focused on spinouts but still heavily involved. Mo has responsibility day to day
When will Mo buy shares?
- Very soon, looking to find out when next window is open
How has the roadshow gone? Any new IIs coming onboard?
- Brokers and analysts met with recently, much stronger position now we are in a profitable position. Not where we should be but showing a good trend, attracting new IIs.
How much is weighted pipeline now?
- Not disclosing but higher than what was disclosed previously
Why did it take so long to issue final results?
- We will fix this for next year, interims in September for H1, annual report aiming for April. We should be able to report annual finances in early April and that is future aim
Where are the malaria contracts?
- Malaria model is new to us, finished development in Q1, it is being “aggressively marketed”, “no doubts” that in the near future we will be able to obtain malaria and other parasitic studies
Where are the Covid contracts?
- We are not a Covid only CRO, 2022 will likely not see a substantial amount of Covid revenue, but Covid helped ORPH in terms of highlighting risks of infectious respiratory diseases. “I don’t believe Covid will be our mainstay” although we will continue to work on it. Flu and RSV likely to be bigger contributors to revenue.
1st June RNS includes “study sponsored by Hvivo” - explain?
- Hvivo typical acts as sponsor for regulatory purposes but still funded by client.
Move to current location intended to bring team together in one location - gone well?
- First aim was to increase screening capacity, also to consolidate office space. QMB facility and Whitechapel facility across the road. Rent is now lower for more floorspace. We are now able to add side services as a result of move. More synergies and better productivity expected.
Bed capacity - enough to turn around business in timely and profitable manner?
- Current capacity sufficient for this year’s revenue targets, likely sufficient for 2023 too. Able to build a new facility if required. Capacity won’t be a constraint.
More facilities being sought to help revenue growth?
- We have a list of pre-approved and pre-identified facilities that we can use or convert at fairly short notice. Right now, no such demand.
Share price - what steps are you taking to improve it and deliver shareholder value? What is success as new CEO in terms of getting ORPH back on track?
- Sustainable growth in revenue and EBITDA and profit. If we can consistently deliver this year after year, the SP should respond. External factors are out of our control. Market will ultimately reflect turnaround of company. 2022 good, 2023 should be even better.
No buyback or dividend?
- Not a good idea at this stage, good initiatives ongoing that will ultimately be more beneficial for the business - new models, lab investment, etc.
EBITDA - why only £0.9m in H2?
- Last year was a record year, 75% up on prior period. Within that year, growth more heavily weighted to H1, profit performance likewise. We could have done better in Q4 because we had a postponement of a challenge study into 2022 because of regulatory delays. We are overbooked currently, so any further delays can be mitigated with other studies that are already approved and ready to go.
What are the plans for the cash?
- New models, new studies, new revenue drivers. Strong returns in due course.
Sufficient orders already received for 2022 revenue target?
- Yes, we are 100% contracted for 2022 revenue, now focusing on staffing and recruitment for this work
- Scientific expertise and experience in ORPH is unrivalled, “without a doubt” the world leader in challenge trials, which are seeing increased adoption globally
- “Market entry hurdles are very high” for possible competitors
- Recruitment efforts continue to expand re: volunteers
- Currently working with key academic personnel
- Many additional revenue streams incoming with same existing infrastructure and resources
Questions
How are you going to increase core business margins?
- Two things - firstly, driving operational efficiencies by increasing quarantine occupancy, increasing productivity, increasing use of technology. Secondly, broadening services and better utilisation out of our facilities
Any discussions around new contracts outside of the weighted pipeline?
- Weighted pipeline is a ‘living document’, it changes every day with contract wins, losses and discussions. Pipeline and weighted pipeline are both the biggest they’ve been in the history of ORPH. visibility of next 9 months in terms of bed utilisation, in short to mid term, we are in excellent position but we won’t “rest on our laurels”
Any more major contracts to come following the £7.3m flu contract?
- Soon after this we announced £14m contract, and not long before this, ORPH won a manufacturing contract with the same client - “this is a first in the industry as well as for ORPH”. We are trusted to run the studies and also manufacture the challenge agents - key USP for ORPH
How is ORPH being affected by inflation? Increased costs?
- Macro economic environment is being monitored carefully, we are seeing some cost base pressures. Reaction is twofold - pricing and bids being adjusted to maintain margins, working with clients and being proactive here. Prudent cost management is the second area, “business as usual”.
Will demand for CS drop in the event of recession?
- Mo doesn’t believe that a recession would have a major impact, likely to see continuing increase in spending on vaccines and antivirals. Question for pharma is what are the future benefits? Huge increase in speed of product development is worth the cost when seen in terms of earlier commercialisation and sales - huge potential ROI.
When will CAP/UKAS accreditation arrive?
- Within 60 days of July for CAP, UKAS by end of the year
Why have investor comms gone so quiet? What’s stopping progress?
- 20 RNS already this year compared to 29 for the whole of last year, 6 contract awards as well. Company is now more mature and will behave accordingly so will be more selective in terms of contract announcements - won’t announce smaller contract wins. Aiming to attract institutions. Quality over quantity for investor comms.
Likely to see any new business from the recent world vaccine congress?
- WVC was a very positive event, lots of existing and new clients present. Institutions - we now have a new nomad, Mo has met with them already, we will be targeting IIs this year - “watch this
Made a few notes in the presentation just now. A lot of the early slides were general introductory slides around ORPH and what the different divisions do so I didn't write down everything as it's already mostly well known. Feel free to add anything I missed.
Intro and overview
- Clients beginning to see benefits of data from challenge studies, therefore requesting more complex studies that require more volunteers - complete within 10 months generally rather than longer conventional studies
- company well positioned for growth, 62 beds total currently, capable of screening 1000 volunteers per week
- £64m+ contracted order backlog is a record for the company
- Significant portion of revenue already signed for 2023
- Now able to offer fully integrated Phase 2 trial program
- UK regulatory environment is favourable for Hvivo and challenge trials - no IND or regulatory approval required for challenge agents in contrast to US/EU
- Respiratory disease market increasing area of focus, including asthma which has a study currently ongoing
- Challenge studies are fast and efficient way for client to get a data-rich view of the efficacy and safety of their product, with advantage of also de-risking a Phase III program and increasing likelihood of getting an EUA
- Around 80% of 2021 revenue if from repeat clients; client list includes 4 of the top 10 global biopharmas
- Aiming to generate additional revenue through adding new challenge models to portfolio, more lab services, volunteer recruitment services, research site services, Phase II field trial services, and upselling complementary Venn services
Financials
- Revenue up 76% YoY - £22m to £39m
- EBITDA positive, driven by revenue growth, cost cutting and productivity gains
- £600k operating profit represents first profitable year and a significant increase in EPS
- Cash position remains strong at £15.7m
- Hvivo revenue doubled; 10 active studies vs previous year
- UK Vaccine Task Force contributed significantly but wasn’t the only driver of increased revenue, “we are not dependent on Covid going into 2022, we are focused on broader portfolio of challenge models and other services”
- Venn grew by “solid single digit growth”, both Paris and Breda are contributing
- Now have 11 “major” clients, i.e. more than £1m revenue each, up from 5 in 2020
- Revenue per employee up 50%
- £2.9m EBITDA “is not where we want to be”, we will continue to drive this forward
- “Happy with progress to date but lots more to come”
Market opportunities
- Infectious disease clinical trial market projected to reach $5.5bn by 2027
- ORPH’s challenge trials have supported Breakthrough Therapy Designation from the FDA with high-profile clients
- 144 flu, 104 covid, 39 malaria and 33 RSV vaccines currently in development, “large pool of potential studies” to conduct
- “Exponential growth” expected in the number of challenge studies being conducted, pipel
Very interesting that Avacta is going "against the flow" by leaving Cambridge.
As someone (I forget who, sorry) said the other day, sounds likely there's a very specific reason for them to have taken that decision.
What advantages of Precision over antibody drug conjugates?
- Some similarity in approach in terms of aiming to target drug at the tumour. ADC approaches are dependent on target being expressed on tumour cell, when ADC binds it is internalised in the cell to let cytotoxin kill the cell. TMAC is unique in that the warhead is released externally without needing to be internalised. ADCs are complex. Tumours evolve over time to reduce the amount of biomarker targeted by ADCs. FAP is expressed in multiple places in the tumour, allowing precision to be “somewhat tumour agnostic”. Different but similar in many ways.
Funding options for further trials of Precision platform? In best interest of shareholders? Minimal dilution?
“Very mindful of using non-dilutive funding routes”. A number of dilutive and non-dulutive options available. We have a long cash runway. Good AVA6000 data mid year will create huge value across the pipeline, allowing us to think about non-dilutive partnerships. This route is more attractive to the company as well as shareholders, so we are aligned.
Closing comments
- Company has gone through transformational growth period on both sides. Disappointed with effects of Omicron on LFT but Dx side is much more advanced than it was and well placed to deliver. Main value driver is Therapeutics - “we have a very exciting summer ahead of us”.
Made some notes during the Q&A just now - mostly sounding very positive, especially the closing comments. I didn't note down anything from the main presentation as it was mostly known info already. Good to see the SP responding well so far too.
Questions
Biopsies needed - very sensitive topic, any progress in this regard?
- We can’t fully answer this in terms of number of biopsies taken, can’t give running commentary for ethical reasons, however biopsies are important. PK data will tell us about serum/urine data, but won’t tell us whether Dox is being released in tumour. Biopsies not mandatory in P1 but confident we will carry some out and obtain this data. In place are validated assays to analyse “very precious” biopsy samples. Good progress but can’t go into more detail - wait for full P1a results
Next inflection point for investors?
- “Without doubt” mid year full readout from dose escalation phase and full review of the data from SDMC. A good safety/PK readout would add value to AVA6000 but also extensive pipeline - many opportunities for the platform and licensing. “Genuinely pivotal” for precision and Avacta
Elaborate on use of human tissue in preclinical mice studies? Does this make preclinical trials more relevant to current in human trials?
- Very good question re: how ‘translatable’ mouse models are. Results can be very different. Cells from patient tumour are implanted into a mouse that has a reduced immune system so the cells don’t get rejected. Patient cells are more diverse than ‘less realistic’ models. Looks more like the original tumour than would otherwise be the case. “Best model” for translating data from mice to human but clear differences remain. Circulating FAP levels in rodent blood are higher than in humans for example. We can be guided by data from these PDX models, “which is why we are so excited - very significant improvement in therapeutic index”
MTD - how will this be determined?
- Very technical, MTD is dose just below the level at which the patient experiences a dose limiting toxicity. MTD may not be identified if there is a lack of dose limiting toxicity. Safety, tolerability data etc. will be combined during this analysis by clinicians and SDMC. Expecting up to 4 cohorts.
Two US sites - ETA?
Expect those two sites to become active in Q2. Won’t run in an independent fashion, they are part of the same study and the data will be combined with that from other sites
Why doesn’t Avacta target nucleo rather than spike, based on what’s been approved by NHS? Less susceptible to mutation?
- I missed most of this question and answer unfortunately but “it’s clear that we need to produce a robust test that is robust to mutations”, AVCT’s strategy is to look at nucleo target as well as spike protein in pursuit of ‘robustness’
Cheers Mafuta.
Has ORPH had regulatory approval for Covid studies and how many companies are interested?
- Study has been published and peer reviewed, it will be in Nature magazine next week which reassures potential clients. Revenue will be on top of the £50m currently guided. A number of studies expected every year from commercial interests rather than government
£40m gov contract?
- Quite a lot of that money came to ORPH, better to sign up multiple studies at up to £10m with pharmas, other non-Covid studies are also approaching £10m mark now
The good work done under Hvivo is lost on investors as Hvivo isn’t the publicly traded ‘brand’, because it sits under ORPH - comments?
- Customers around the world know Hvivo, investors know ORPH
Plans to sell your holding CF?
- No plans to sell! Mo will be buying
Why are Seek/Imutex not able to announce progress on two assets?
- Ask Seek - CF would also love an answer. They are very difficult to engage with, assets are exciting, lack of progress is disappointing
Is DIM difficult to spin off? If yes, why not put into a subsidiary company?
- Good point, watch this space, DIM might move sooner than expected
Any barriers for PrepBio spinout?
- Nasdaq SPAC deal collapsed, we will do it again but not via a SPAC, PrepBio will go into a ‘normal’ Nasdaq life science company that is trading below cash. There are many to choose from
Can you buy out Imutex from Seek? ORPH seems to move faster.
- Good point, don’t think we’ll spend cash that way, CF has more time to devote to this now so bear with us
Is weighted pipeline annualised?
- No, based on total sales pipeline, depends on when studies close
Do ORPH have any Russian/Ukrainian clients?
- No clients or employees in Russia or Ukraine so no direct impact from war
Could you buy challenge models from universities etc. to expand ORPH’s portfolio?
- We have strong expertise, we are very strict about purity and [I think Mo said] infectivity of the models we use, not all universities adhere to GMP standards - ORPH has the expertise and models are often sponsored by clients
Why does it take nearly 6 months for audited results?
- Hopefully we can beat 6 months, watch this space. We have Dutch, Irish and French companies within ORPH which complicates the audit process and means it takes time. Audit it just a formality, results won’t be much different to guidance
Noted that Thornbridge have sold down - what’s the feedback from remaining IIs?
- Everyone has their own reasons for selling down, many IIs are remaining in. Mo is better at dealing with institutions than CF due to background and reputation. ‘Mo is getting a great reception from institutions’, expecting more IIs to come in - Mo has lifetime of experience in trials
Does £75m pipeline include £50m revenue?
- No, two different numbers
When are we expecting [missed this - more contracts?]
- They come in waves, next wave ‘might not be very far away’ - watch this space, disappointing lack of contracts for the last couple of months but big wave likely coming soon
CF - only committed to stay til 2022, are you planning on staying longer?
- CF is going nowhere, less stressed now Mo on board
MRNA drugs getting EUA with no liability, why would pharmas use challenge studies?
- EUA won’t be a long term thing, challenge studies provide rich data, more business expected going forward
What will the ORPH market cap be in 12 months?
- CF has guided wrongly in the past so won’t make a prediction, but shares are currently very cheap, CF is confident
Share price - what’s happened? Where do we go from here?
- We have now built a fantastic business, a world leader, absolutely profitable, cash pile is growing, ‘huge part’ of CF’s net worth is in ORPH and he is very excited about the company. Mo joining is a big step in terms of development. ‘Show me a better prospect on AIM’ for your money. Share price is not where we want but CF is not worried at all
Will the new CEO buy shares, and will the chairman increase his stake?
- CF has written cheques for every fundraise plus his recent £300k purchase, plus £1.5m pre IPO - he has invested heavily. Mo will also be investing, there will be a window ‘pretty soon’
Where are the new contracts?
- They come in waves, when they’re announced Mo will buy his shares with ‘real money’
Are Nasdaq listings for ORPH/POLB off the table?
- No, Nasdaq is more interesting than ever, there are Nasdaq biotechs that are increasing in value, with great products, and are interested in merging with POLB - lots of possible options so we won’t ‘charge’ into any of them, we will take our time. Don’t rule it out for either ORPH or POLB
Who’s the seller?
- Most of the time we don't know, some IIs are below 3% disclosable threshold, some people are taking profits but for every seller there is a buyer, ‘we have a very liquid stock’
Are POLB spinoff shares ISA compatible?
- Discussions were had today with Interactive Investor etc, there was some confusion but this has been clarified - you can hold your POLB shares in ISA, will be published on ORPH/POLB website FAQs tomorrow
Can I trade dividend in specie shares for POLB?
- Not at the moment but yes when they are released in April
What tax is due on POLB shares?
- None if in ISA, if outside ISA then HMRC has confirmed no income tax on these, only pay CGT if/when you sell - ‘bear with us’, don’t sell them cheaply
If POLB shares are in my own name, what is the base cost for CGT?
- None if in ISA, base cost for POLB will be zero as you didn’t pay anything for them but no CGT until you sell (not 100% sure I caught this answer correctly - please correct me if not)
Are you mitigating perceived overhang at the end of POLB lockup?
- POLB may be in a position to use some of its cash balance to buy back shares or pay a dividend - we are not doing this in ORPH as we have vastly bigger liquidity whereas POLB has tiny daily volume, so a buyback is more logical in terms of driving the share price up; this would not be possible with ORPH. ORPH has ‘very good plans and ideas’ for our cash - ‘trust us with it, we’re not burning through it’ - news to come
Updates on timeframes for spinouts?
- CF has been ‘horrendously busy’ but now he can focus, the plan is ‘let's get cracking’ - that’s all he can say currently but he is 100% focused
Questions
Is Mo’s appointment a good move, and does he get any free shares?
- Excellent move! No share awards, Mo will buy on open market when the window is open - Mo ‘truly believes’ that he needs to be aligned with shareholders
Are you able to recruit enough suitable volunteers?
- Yes - Flucamp is well marketed, alongside ‘other initiatives’ - volunteers can make their own appointments and we can track them through that journey, we have so many that we can pass them to other CROs
Most efficient way to expand is in Whitechapel - will this cause problems with recruitment?
- No, we are nowhere near saturation, but we have expanded screening facilities in Manchester
Any work from the UK government in 2022?
- No direct government work expected, but covid work expected from commercial rather than governmental organisations
Is the company seeing any sign of new contracts or repeat contracts for 2023?
- Yes we are, already scheduling time in 2023 for our quarantine beds, good demand, some trials will run from this year into 2023, and some of the new ones will start in 2023
How close to hitting the revenue target for 2022?
- Close, we are confident
New contracts soon?
- Yes, expecting new contracts soon, coming months for announcements
Are new challenge models being worked on?
- Yes absolutely, we have to ‘move with the times and the market’ - malaria model just completed, one of the first non-viral models, new ones coming soon in Q2 and Q3
Will pharma pull back on investment now that Omicron is seen as less dangerous?
- Mo doesn’t think so, interest is still strong, infectious disease market expected to grow to 250bn+
Where are you with Covid contracts?
- Currently negotiating with multiple customers on this, data will be published in Nature Medicine publication this month and more interest is expected after that - more Covid work this year and next
Current cash position - any dividend?
- £15.6m in cash, healthy for AIM, all options on the table for what to do with the cash
2022 non-Covid revenue £50m - is the majority of this secured?
- Yes this is the case, continuing to build on that, guidance remains the same that we will hit this target
Any of £75m weighted pipeline included in the 95% of revenue that’s accounted for?
- No, 95% is signed work, £75m is unsigned potential work
Investor questions submitted on the website are not responded to - why?
- As a company we have a lot of questions submitted, when there is a major change in share price we get a deluge of questions, takes time to respond, we generally hand them to our IR firm - most are responded to, only brief periods when they are not