why the half year report is bad

Here we go – I will explain why the half yearly is a poor report.

Directors Report

Statistical Analysis Report (SAR) is due in the “current quarter” It does not explain why such a long delay. It does not explain why Biomira was provided the contents of this report already and have not elected. The words are designed to keep shareholders holding the stock. Its another carrot dangling out there.

Cell Therapies: Prima were in discussions about forming a JV with Cell Therapies (see my previous posts) They even released this to the market late last year. You now see no talk of this JV being formed. The reason is that Cell Therapies wanted to JV with Prima only after review of the SAR. They have seen the results and elected not to proceed (just like Biomira). Now Cell Therapies is purely a service provider to Prima. It’s a business arrangement and that is all. Again you see no mention of Prima’s earlier release about being involved in JV discussions.

The November placement: raised $1 million only and seriously diluted and affected the share price – enough said there.

Trillium: The 7% that Prima own are worthless unless there is a market for these shares. Currently there is no market (Trillium is raising funds and are not listed). If there was a market then Prima, being in desperate need for cash, would access the value of Trillium.

Financial Loss: Confirms that they are spending around $1 million per quarter and confirms that Prima has about $1 million left in the bank.

Other information:

Net tangible asset backing dropped 50% in one year to 2.5 cents per share.

Read the Independent Auditors Review Report. They have not audited the accounts so those valuations stated by Prima are just that – Prima’s valuations.


Now I ask you what have you really been told that has not been said before. More delays in Cvac reports, no mention of the Biomira non election, no mention of Cvac JV with Cell Therapies, no mentions of how they will undertake further Cvac trials with the dire state of their funding.

If you really believe this to be a good report then you must be crazy. The company has just released another NOTHING REPORT. There is no substance on just how the company plans to move forward. Again Prima is treating the shareholders like they are silly by not releasing real information, corporate plans, funding basis etc etc.

Friday’s and today’s seller could see that and even most daytraders should be able to see it.