AGM Notes

Just a few bullet point notes from the AGM.

In general I came out of it with a really positive feel.  They’re a really professional outfit, especially Bill Ketelby.  He didn’t miss a beat and came across his usual positive and optimistic self.

1. only around 20 people attended...mix of shareholders and brokers
2. key message repeated throughout the day was that funding and timeframe for results were putting a hand brake on the share price
3. at every meeting with financial institutions, brokers or big pharma companies the only questions that kept coming up were “are you fully funded” and “why do we have to wait so long for results”
4. they’re hoping today’s announcements will resolve that
5. they’ve received a lot of interest from a broad range of big pharma companies...they’re all supportive of the cortisol approach but need to see more human data before anything would really come out of it
6. Bill also actually mentioned that a lot of the big US investors might be sitting on the sidelines for the same reason
7. When Bill was talking about Xanamem he said “it’s apparently disease modifying” but it was a couple of sentences later that he clarified that this was from the animal testing, but read what you want into that. I got the feeling it was a more recent interpretation.
8. he also spoke about the need to be prepared and plan for a Phase III trial “when we get positive results” but then corrected himself to say “if”....but I liked his optimism
9. some good questions from the room regarding the future of the trial based on the early results. They seem pretty confident that it won’t have sufficient statistical significance to be a set back. What they’re really hoping to see is a positive trend in the efficacy.
10. sounds like the diabetes trial is running a bit late because they’re in discussions with the Edinborough University which will result in the uni funding the Phase II trial and we only supply the drug. May also extend to other indications. Sounds good...this trial was going to be quite expensive apparently.
11. they’re really positive about the diabetes trial because this was where they first began with this drug before they started seeing the cognitive benefit
12. the guest speakers were very good as well. They’re really on board with the cortisol approach. They’ve only got 3 patients currently completing the trial so no one has actually finished the full 12 weeks yet with them. Really good body language from them but no real feedback to confirm if they’ve seen any noticeable improvements to the patients
13. in general they’re really excited by the fact that if Xanamem is successful it would be a matter of taking a pill each morning versus other drugs which require intravenous delivery for example
14. Bill also reinforced that out of all his research he has only ever seen positive articles about the cortisol approach and not one single negative article or anything to indicate that we’re heading in the wrong direction

Cheers,
Butcherano