I managed to get to the AGM (probably number 6 or 7 for me). I take a different view to yourself tinyteddy, but certainly concur that we have all been waiting for an extraordinary amount of time for trial results to be reflected in the share price.
In a sense, I guess nothing new was discussed, but I personally believe all the participants were increasingly excited about the prospects. Several expressed dismay at the share price, but had an honest belief that this would turn around.
What was brought up in some details was the enormous bonus that was the various funds investing $27m.
* No need to go back to the market for new funds. Anyone owning shares for some time will remember the very regular share issues at a discount that crashed the share price.
* Finally not one but several cornerstone investors. Previously It was almost embarrassing how many shares were owned by the top 20 shareholders.
* Technology reviewed by professional investors with a deep knowledge in the field, to the extent they would invest millions in a company with the above problems.
* How much easier must it be to approach pharma's with such shareholders on the registry.
* Of huge importance, the fact that having funds to carry on trials for several years to come means we are not subject to 'low-ball offers' that would be tempting to some after years of waiting
There were several comments along the line that they believe share price WILL turn. After all, the results are such that it is hard to imagine future results proving Cavatak is a dud.
One of the directors made the point that the reputation of the medic's now involved with VLA was extraordinary. Of particular note was the fact that Keith Flaherty was given the data and not only gave a nod of approval, but wanted to be involved in further tests. Important, as he is more involved in oncology rather than Biotechs per se, but still wanted involvement.
The way ahead pretty definitely seems to be the combination with Checkpoint inhibitors. I have been unsure of the benefit of following up previous Stage 2 trials with...... further Stage 2 trials. Dare say you will agree with this, TinyTeddy. I am more comfortable now, knowing that trials in combination with others is seen as the best chance among a number of those who have such indepth knowledge. Appreciate this was all in previous ASX releases, but I nonetheless feel more comfortable.
The point was also stressed that many of the new drugs leave SIGNIFICANT room for improvement. Please do not rely on this, but I seem to recall success rate for some of the new drugs being in the order of 15% and 30-40%. Thus combination drug would make it hard to look past if they come anywhere near the mouse trial everyone already knows about (where combination with Anti-PD1 resulting in mice being 75% tumour free.
While nothing specific was said (as you would expect) I go the impression Pharma's are well and truly aware of VLA and some conversations have been or are taking place. Another point (mine, but not from the AGM) is that no-one had any idea about the 4 health funds that signed up to buy $27m of shares. I was surprised there was no apparent leakage. I am certainly hoping the same will be true about any Pharma deals. If BVF can help arrange meeting as you suggest, Tiny teddy, that would of course also be magnificent.
Above was just my reflection of the speeches (which you can all read anyway), body language and a few conversations afterwards. Has been a long weekend, I am half-asleep and I have no notes, so EVERYTHING I said should be taken with more than a grain of salt. Some points (esp w.r.t the $27m share issue) were my view rather than anything expressed at the AGM.
I was definitely more upbeat after than before the AGM though.
Hope you all have a magnificent week.
Rgds
KMS
Think I just managed to post a reply with zero words. No idea how - my apologies.
VLA Price at posting:
31.5¢ Sentiment: Hold Disclosure: Held
