Member Info for wildbunch

Like you I am very bullish. However-a note of caution on milestone payments. At the AGM (was there along with 3 other shareholders) the Chair said that $10m would be paid on FDA approval-the reminder much of it-was for hitting revenue generation targets. No mention of payment on commencement of trial.

What a pity that Lambo did not come to AGM to cross examine the Board.

Demonstrate possibly NO dilution.

What would IMM market cap be if everything came off. WFK-however it would be measured in the 100's of £M. It will not go from less than 3p to say £1 to £3 overnight. Thus there will be incremental uplifts depending on progress-with the largest advances based on FDA approval of the various drugs in the pipeline. Getting a research organisation appointed and started will demonstrate Avion commitment, signing a ROW deal and/or CIPD deal with cash up front may demonstrate that there will be dilution. I could go on-but as always I like CauldStream's balanced approach.

started

Understand-so you will use this board to exercise your frustration-and that's about it.

So-filtered1

Wildbunch - I haven't enough invested in IMM to warrant the time trying to oust Tim McDim.

I wouldn’t feel better as I’d be staring at a huge loss.

Loads-compare and contrast two very recent statements on this board.

So sell-you may feel better-unless you are attracted to moaning!

Caulfield-Lambo for sure is a trader-he will buy at 2p and sell at 3p and make 50%-so will alternate between being bearish and bullish depending on his position. Loads is more difficult-why is he still here. If he feels so strongly about the veracity of Tim M either sell up or lead an approach to remove him-this happened to the top duo at Valirx. So he is good at moaning-but anything else? Seems unlikely.

"Expectation rather than hope that CIDP and/or ex USA rights will produce cash up front.

Bullish on no plans for equity raising-see point above. "

This is what I posted on 3 July having attended the AGM.

Cauldstream-one of several on this board who is worth following-is spot on. That summary was very much what the AGM heard-and then from individual Directors afterwards.

Not sure that the efficient market hypothesis (which Loads-perhaps unknowingly described) works very well with startups. Start ups-in broad terms work or they do not-and crucially are not widely followed or analysed by major investors. Got this from my MBA (same Alma Mater) as Tim M and work as an Investment analyst for well know city broker.

I have always described this as a punt and not for the faint-hearted-if nothing works it will be worth nothing-that is to use an expert term 'bleeding obvious.'

Sorry-revenues could amount to $100m a year not $10m a year!

Because for £80m they will not have to pay $70m plus royalties up 17% of revenues on US sales, plus would get RTW revenues and CIDP revenues, plus the rest of the pipeline. IMM say that the revenue to them from the US agreement for Lupus could amount to $10m a year. Always assuming that the drugs work-they have spent a lot of management time and effort already and are to spend $25m on the trials-so there must be a reasonable that they think they probably will do.

If new flow is positive eg:

Trial participants recruited.

Dosage commenced

RTW deal struck with significant up front payment

CIDP orphan status agreed

CIDP deal struck with significant up front payment

Other drugs move forward in regulatory process

Then the share price will move up-WTFK to what-but a market cap for that lot could be in excess of £100m and if Lupus was a success several multiples of that. Apple and Amazon started life in people's sheds!

Loads will dismiss this-of course-but there are a number of board participants whose views I respect and would be interested to hear their thoughts.

Very positive about getting a partner for CIDP. Avion have option but would need to be competitive.

Phase 2/3 partner means an organisation to carry out trial for Lupus-partner probably not a good description.

It appeared to me-and others-that there was great attempt at transparency from all IMM people.

No mention of Incanthera.

Wildbunch-the outlaws that went out in a blaze of glory (William Holden etc) not Wildbush!

Phase 2/3 Lupus partner being sought not CIDP.

Suggested the Phase 2 part could be between 18 months and 2 years.

If outstanding results in Phase 3 shown early then might go for FDA approval sooner.

Yes-both in the Q and A session and afterwards talking to Directors they were bullish about getting up front monies for Rest of world and CIDP.

The $5m for approval does nothing for short term cash flow.

Of course, Nolupus knew all of this already-and Loads-well Loads is just Loads.

Clearly they were anxious not to be to bullish about timescales-rather beat their estimates than appear to languishing. This share is not for the faint hearted-suggest that Loads sells on the next rise.

Went to AGM-lasted over 90 minutes-at least an hour on Q and A. Scientists took lead on technical issues. Took away:

Advanced on looking for company to manage Phase 2.

Avion have option on CIDP-however will have to be competitive.

If Phase 2/3 study goes full course will take 3 to 4 years. May be towards 3 years if outstanding data shown in Phase 3.

Expectation rather than hope that CIDP and/or ex USA rights will produce cash up front.

Bullish on no plans for equity raising-see point above.

$5m payable on acceptance by FDA of Lupus drug-rest mainly on achievement of sales targets.

Interesting data on anti-infection pipeline.

FDA consultations now by correspondence rather than meetings.

Quietly impressed by willingness to answer all questions-and by the scientists.

Probably not a lot already known or anticipated but good to meet and observe the people who I hope will make me some money!

Went to AGM-very encouraged!

Yes.

Super and Dallo-Just back From AGM-4 shareholders there. Agree with everything you say!

Cannot understand why people who have this view are invested here or do something about it.

My view is that regardless of the past with Avion on board the prospects for a substantial near term (one year) share price increase are good and I will not moan and limit my access to this board to avoid listening to those that do. Instead I will direct any questions that I have to Immupharma direct.

That really is all!