I hope that the AGM is posted on the Clarity website soon so you...

I hope that the AGM is posted on the Clarity website soon so you can all enjoy the enthusiam of Dr Taylor presenting the progress during the last year. I am doing this at @Davisite request! (please excuse my memory as did not take notes as primarily wanted to meet the people involved).

It was clear throughout was that the team wanted to let the science do the talking and they concentrated on guiding the understanding around the story, science and strategy but it was evident that they were all excited by the contribution they believe they can potentially make in detecting and treating cancers.

To the meeting itself Dr Taylor presented first and spent the first part talking through the story of Clarity and a bit on the ESG work that the company was doing (not using nuclear aging accelerators and local sponsorships) - as if contributing to the cure for cancer was not enough, nice to know and good that Clarity is doing a bit extra community wise.

Dr Taylor clearly proud of the team (of 43) and spent time highlighting the importance of the team (Key person risk was raised as a question at the end to which the response was the ESOP and continual review of the remuneration, but overall the culture was strong (which I interpreted as they were all on a mission to change outcomes in relation to cancer, whilst achieving an outcome for shareholders).

Talked about the 24 patents and data package as key assets.

The Best In Class phrase was used several times in relation the theranostic capabilities of Clarity.

Expecting results promised for November to be delivered before end of month.

Dr Biggin (I believe) ran through the MD presentation and there was crossover with Dr Taylors comments:
- ran through the advantages of copper theranostics - points of note: shelf life (can send to hospitals overnight from central production in Wisconsin), cost of manufacture lower and capital requirements to scale production lower than incumbents (partner Northstar 2 accelerators sufficient for all trial supply and north america and has 2 further accelerators on order - takes about 18 months to build)
- ran through trial results, a few points that were highlighted: bisPSMA results over time far superior than their original single arm product, results at low dose better than expected and greater in escalation (team very happy with results), re-iterated best in class positon (first in class in relation to some unmet needs patients also) as a diagnostic and solid results as a therapy. No dose limiting toxicity noted to date (no mention that I recall of additional dosing regimine testing to find upper limits of efficacy).

It was impressive to clearly see the cancer detection highlights when compared to results of other diagnostics and cancers that would not have previously been detected in patients. It was also highlighted that this was only for single dose (particularly at higher concentrations) in the trial when compared to say 6 doses of a competitor product. The company is collecting data from continuing dosing for those patients that request outside of the dose escalation trial.

I was not sure that there is a compassionate use (program due to a patient anecdote).

Dr Taylor mentioned his expression that if a biotech goes to market it may not have succeeded (because it has not generated enough interest to receive a robust offer), although Clarity has the optionality to do so. In discussion post the formal parts of the meeting Dr Taylor mentioned any reasonable offer would be presented to the Shareholders for them to decide, but also alluded to the tightly held register.

There was another shareholder question around why the SP was not above the IPO price, but this was answered in part by the general market conditions for biotech, that Clarity is in the fortunate postion to be able to pursue its strategy deep into 2024 (and that will be expected to be a packed announcement year as most trials are open) and that "like the Sydney house market, it only takes two bidders" get an auction going i.e. it was factors beyond their control but they would continue strongly on the science and expect the rest to follow. Again, because of the tightly held register there was alignment of management and shareholder interests.

That's a few memories, but as I said the impression about how enthusiastic the team at Clarity were about what they plan to achieve, particularly on the science side (and shareholder value to follow) was one of the main things that I took away.

As always, DYOR - and do watch the AGM if it is released!