Hi@SENARIS and @Hawkbar33 I certainly agree that Imugene has an astonishingly credentialed and experienced team - especially on the Science/research side of things. The Scientific Advisory Board membership is stellar. Yep - it's a massive extra cash burn and that is a major change for Imugene. Leslie has always been pretty frugal with the spending and I have heard her emphasise her careful money management in interviews. She has
always raised cash whenever she can - well before it seemed necessary - even if it was sometimes a clumsy and/or unpopular process. So I agree. The GMP plant purchase - along with taking on the crew to run it - must indicate a very high level of confidence that they can gain significant income before the cash balance starts to become a concern. It
might also increase their value as a takeover target. A "mini Genentech" as you say - friend
@ReadyToRetire As well as the salaries there will be on costs, plus plus the costs of an office in San Fran. Commercial rents there will be high, and they will need a few general office/clerical/PA positions. We already know they have picked up a whole team at the GMP Mfg plant in Raleigh. God knows what they cost, or the cost of maintaining and running the plant.
Of the new staff positions:
The VP's for: Quality Compliance; Process Development - both of these are directly about running the GMP plant effectively. (There are only two positions but each has been advertised twice. Once in San Fran and once in Raleigh. The location is negotiable). The newly advertised position of "Associate Director, Strategic Sourcing; Direct Materials" - likewise is about the Raleigh GMP Plant. However - it's interesting to look at the PD, which reads in part: " Preferred strategic sourcing experience within the Biotech and/or cell therapy space negotiating with complex direct material suppliers, proprietary single source items, dual sourcing, CDMO providers producing viral vectors, plasmids,mRNA as well as support clinical operation as needed." Is the reference to mRNA casual, or is it a clue that they are they considering further product diversification? The VP Regulatory Affairs looks to be all about steering IMU as rapidly and successfully as possible through the FDA process (and EMA for Europe). I think that's a really good investment. If IMU had serious doubts about the scientific success of the prioritised clinical trials, they would hold off on creating a position aimed at achieving registration for their products. The Director, Strategic Planning and Transformation Management is of interest to me because it's the only new role which is not directly and immediately about getting products produced and dancing through the Regulatory maze. The Strategic Planning role is about long term direction, and better internal cohesion and communication. Although LC still lists "Corporate Takeover" as a possible goal, the Strategic Planning position - to me - sounds more like they are preparing for a longer term future as an independent Pharma company. They are prepared to pay up to $280,000 USD salary for that role, so they are clearly serious about it. We are seeing a major inflection point for Imugene here, as it transforms itself from a very small team - holding IP licensed in, and running clinical trials - to a much larger organisation gearing up for regulatory and commercial success. They now have a very serious physical and personnel footprint in the USA - so the long anticipated NASDAQ listing is starting to look quite close, in my view.
As a former rock climber, it makes me think of the term "commitment." For a climber - that's the point at which you have made all your preparations, you have looked at the challenge ahead, and you either commit yourself to the climb, or you go home.
If you are confident in yourself, and your team, and your training and preparation, and if you
know the moment is right - then you commit.
The way I see it - Imugene just committed.
2024 might look a bit like this.....
VIDEO Cheers
Dave
(20min delay)