Ann: Phase 1 CF33 VAXINIA Study Update - Positive Early Signals, page-288

Hiya TB

Yup - IMU has multiple pathways to commercial success, and I have always felt that the risk ha been overestimated by the market, and the potential rewards underestimated. I think that has been true of IMU at every stage of their development since the Biolife Sciences reverse takeover in late 2013.

I learned from my NEU experience (and also from selling my LYC shares at tiny profit just as they started their big turnaround). The lesson was - hold on if you feel the fundamental products, processes and management are good. And with IMU, I feel that all three categories are exceptionally strong.

Here on HC emotions can run high - both positive and negative. My posts on IMU are generally optimistic in tone - but only because my analysis of the science tells me that IMU is likely to have not just one success, but several. I also feel that their strategic planning is on point.

IMU was always going to be a long term investment, when I first took a position in 2014. I definitely underestimated just how long that term would be - but along the way they have diversified and expanded their IP in remarkable ways, and the potential end value has grown exponentially. So holding for a longer term than I originally planned has still made sense.

At this point, my feeling is that the waiting time to initial commercial success will be shorter than the market seems to think, but unless something radically changes, I will hold the bulk of my IMU shares well beyond the first deal because - like you - I see a series of ascending peaks ahead.

A takeover by big Pharma would alter that, of course, and it remains a possibility. Any offer would have to be very substantial though, because I don't believe the Board - or the major shareholders - would accept a low ball offer.

Cheers

Dave