AGM, page-39

I'm not worried about any gap as I'm out of VLA for the time being. However I don't suppose its a coincidence that half of the buy depth is now set at 40c. That wasn't my doing. If I were to hazard a guess I would ask Barrett.

The problem for VLA now is that it appears that a catalyst is two years off. The company hasn't done much to dispel these feelings recently despite direct requests for them to do so. It doesn't take many holders to think they could make a few bucks in the meantime elsewhere to have a serious impact on SP.

Also I don't think the insto's will jump in to save the SP. Likely they will see it as an opportunity to accumulate.

Anyway that's why I sold. I like the company and the drug but there's a plethora out there, all struggling for patients to enrol in trials, all having to produce a mountain of data. Meanwhile the much touted Amgen's $1B bet on T-Vec hasn't turned out to be a home run for them and probably led to an increase caution for the big Pharma's before making any deals in the immuno-oncology space.