Member Info for Wigwammer

RB - I appreciate the cynicism which no doubt derives from a knowledge of the history of this share, but I think your post is somewhat misleading. They have not “merely” suggested that the ounces produced will rise to 500k oz (and 550oz from 2020 onward) - they have also suggested that costs will fall dramatically. See forecasts below. My guess is - they’re aiming for $250m pa ebitda and around $100m debt paydown over each of the next 5 years. If achieved - that will leave the company with between $100-300m net debt (the latter assuming they take on the full IRC debt). Neither $100m, $300m or even the current $800m net debt is out of the ball park for a company generating ebitda and free cash at those levels. How the mix of refracted/unrefracted changes over that time - who knows - to my mind it’s largely academic relative to the core objective of getting the debt down. On that front, PM has already established targets - he can’t do a lot more. The successful derisking of a high risk long term project which will likely drive a large part of that deleveraging, one of few of its kind, is evidently good news. PM’s forecasts - 2019 - 2022 “Outlook -- Significant reductions in production costs in 2019 due to advanced stage technical improvements in the Malomir flotation flowsheet, resulting in the Malomir flotation concentrate grades increasing by c.50% from c.24g/t to c.36-40g/t and a corresponding c.40% decrease in concentrate yields -- 2019 gold production guidance of approximately 500,000oz -- 2019 Full Year Total Cash Costs(u) expected to be within the range of US$650-700/oz -- 2020-2022 production outlook is currently expected to be within the range of 500,000 - 550,000oz per annum, based on the current mineral reserves base and not taking into account geological exploration potential”

I think tommy has made some good points. A few points in return: 1) the TCR project with Biontech may well become commercial next year - even a relatively small upfront payment of £5-10m should see sclp through both trials 2) even if they do have to raise cash - they are not in a hurry, and as suggested news of trial starts may improve the level of dilution 3) I think the GC is more valuable than Tommy suggests - because all those teams within the GC will be pushing the technology behind modi3. The reason I don’t get too exited about the GC is because I think there is a decent chance CRUK say to Biontech and Genentech - you people can afford to develop this yourselves, so stick your hand in your own pocket. We will see soon enough..

A similar story with another Woodford stock - HVO. One year left of cash - but the signs were all there. Bought at 20p, sold at an average of 65p a few weeks later. The nearest peer to RENE has just doubled in value on the back of the first positive RCT using allogeneic science in brain recovery. That IS news. By contrast, pointing out repeatedly that RENE are using the cash and the shares have fallen is not news to anyone. I am only here because the shares have fallen, I like taking people’s shares at low prices, I like taking your shares, I like clueless loss bots convincing others to hand their shares over to me. Hope that helps :)

I hope the more intelligent and engaged can see the simple point that if RENE’s nearest competitor has just doubled in value, and demonstrated that the underlying technology works, this has tangible read across to RENE. My point really relates to RENE’s ability to out-license CTX which I believe is gapping up behind the scenes. SanBio uses an allogeneic technology similar to that used by RENE, they have demonstrated it works in a blinded randomised trial. The value the market is placing on such assets is demonstrably rising in the background. Having read around the history of the company and the IP that RENE have developed, I have little doubt they are in the top tier in this field. Note also that SanBio are applying for conditional marketing approval in Japan, which is possible for companies after a successful phase II given the governments drive to dominate the field of regenerative medicine - the route to market is significantly shorter. Therefore RENE’s assets may be particularly interesting to any company capable of engaging the Japanese market - there are many of them :)

SanBio has now nearly doubled in a week. ?2bn market cap. Comparable pipeline to RENE. RENE market cap ?20m. Potential here is huge :)

It looks like interest in regenerative medicine and it’s potential in brain injury is about to take a step up. See attachment below. This is very good news for Reneuron IMO as they aim to partner the CTX line, and explains the slightly firmer share price in recent days. Market cap of SanBio is now £1.5bn, jumping 20% since the result. Market cap of Reneuron with comparable pipeline technology is £20m. http://v4.eir-parts.net/DocumentTemp/20181105_010629011_n2un4tv5ffyvhi55pzhsiy55_0.pdf

One thing worth considering is that while the value will be driven by trial results, it is difficult to imagine the shares will be at 8p in the run up to scib/modi results. By way of example. Immupharma raised cash at 26p to fund the phase 3, the shares troughed at about 18p, and in the run up to results peaked around 180p. As the result gets closer, a larger part of the potential will likely get priced in - it won’t all happen on the day. Fingers crossed the trial results will be a few steps above what Imm achieved!

(But probably not). Fortunately for shareholders, it will be the assets themselves and the work of the science/ops team that drive the value, though concerns may arise if/when the time comes to get the best price for the assets.

I was at the meeting and I don’t think too much time was spent directly criticising management. I would guess about a third of the time - unsurprising given where the shares are and that they have just missed their own guidance. Nor do I believe JC, in particular, handled it very well. To repeat - they should have given far more time to Q&A and that would have solved a lot - a management blunder and perhaps they will learn from it (

Fair enough Chester. I don’t want to undermine the work LD and SA are doing because it sounds immense, and I am only suggesting I am unclear about what aspects of the business are being elevated by the other bods. What I am sure about is that given the share price and delay, they missed a big opportunity by not letting the Q&A run. It would have demonstrated goodwill and nous.

Ivy - I can accept it is difficult for RH and JC to be vocal about all aspects of the strategy - but they do seem to feck up the aspects of management they COULD do better. It would have cost them nothing to sit there for another 30mins and answer everyone’s questions and would have been a great sign of goodwill. JC didn’t think about that. Wasted opportunity IMO. I’m still unclear - in a world where the trial results will do ALL the talking - what the non science/ops management bods are doing.

I’m not quite as positive about the meeting as some others. I felt given the share price is at multi year lows and they’ve just delayed the trial, JC and CH should have started out saying - we understand the disappointment of some and are happy to stay as long as required to answer all your questions. Instead, JC forced the end of the Q&A section around 20 mins in. Additionally, while we were given a clear steer that they want the assets and results to be the focus, it wasn’t clear what JC and CH add in the meantime - how are they elevating things? Main positive for me - LD and SA are clearly happy about the progress of moditope. I particularly liked SA’s comment “if it was easy to make it probably wouldn’t work!” They seem confident they have something unique :)

50% I banked and you didn’t. Cheer up now :)

Scib2 will not use the ichor device

“The bright side of life ...” little change there - 1) Lindy Durrant has never seen anything as potent as moditope in 30 years studying the field 2) KF believes immunobody trial data goes well beyond established norms.... happy holder :)

Excellent post BS. I would also add the compensation increases relate to a period where significant progress was made re many aspects of the business - in particular the CRUK funding and Biontech relationship.

It isn’t clear how they plan to fund the U.K. part of the scib1 trial. Possibly raise further cash through share placement. But it may also be that CRUK have a further role to play - they are interested in sclp’s technology (scib2 and GC finalist) and will be keen to get the combination trial moving ahead.

Feck gaz. Have some self respect and move on.

I think the original poster who referred to the “the science here” would be somewhat gobmsacked to read the nonsense that has followed. I will resist taking that nonsense any further! Re proactive forums and cash raisings - no relationship re timing. End of.

TF isn’t claiming people know 100% of all there is to know about immunotherapy. He is claiming many people understand a large part of LD’s science. A little like the suggestion that history shows us the proactive forums and cash raisings go hand in hand - the person propagating the gumph is on weak ground, they know it, and they should move on.