Morning
@threebeezI'm happy to respond, but please try to remain diplomatic...I understand not every poster will share the same sentiment or position on every facet of a business.
In regards to our cash position...Yes it's something I will mention on a regular basis but it is an integral part of the conversation when looking at the FA and medium-long term risks...Particularly more so when there are delays to the pipeline.
When PTX announced it's partnership with the 'Peter MacCallum' and we had real traction in the share price there was a number of 'fly by' posters trying to ignite conversations of a capital raise at that time, being mid 2021...Please note many of these posters are nowhere to be seen on the forum as the volume and deviations have subsided.
Most seasoned investors and traders will understand that when there is a capital raise with retail participation, the share price will often retreat below the price of the capital raising which is almost always at a discount to the on market price at the time.
Given this pattern, it is advantages to some posters depending on their trading strategy to try and inject the idea that a capital raising may be imminent at a given moment despite it's unlikeliness. At the mid point of last year, from memory we had a projection of about 4 years of cash on hand based on quarterly expenditure at the time and the concept of a retail CR was EXTREMELY unlikely. I only ever pointed out that it was unlikely based on the cash position and messaging by the CEO at the mid point of 2021, but I never said impossible.
As for any potential placement to a sophisticated investor for 2022 or the years ahead....
I only make my comments based on Stevens answers in recent video presentations...When asked of the prospect of any capital raising he replied (non-verbatim) that the company was extremely well funded and he currently had no plans of a CR...When prompted again that there was absolutely no prospect? Stevens response was along the lines of...
'Look...If the right people approached PTX and wanted to throw a sum of money at the company, I would consider the offer on it's merits at the given time but no there is no plans for a CR'.
Despite the strength of PTX cash position, I think one arguable weakness that
@Un1qu3Nam3 has also alluded to & I agree, is the lack of larger positions in the Top 20...Yes it's great to have a spread across the top 20 and a balance of power shared with the greater company shareholder base...However it would be reassuring to see funds/sophisticates taking sizable positions in the company as it can serve as a sign of confidence to the broader market.
See how the year unfolds mate, I have no idea exactly what Steven has planned for PTX in regards to any potential placements but I personally wouldn't be too upset at the prospect of a closed placement to the right party...Particularly given the fact that the share price will have no reason to retreat on a closed placement and retail won't be rushing to sell to take up their participation rights.
Steady she goes...Hopefully the company announces sooner than later that the supply issue of the PTX-100 agent is resolved and that the PTX-200 higher dosing has commenced...But in the interim there is a still no reason for shareholders to believe the company is sitting idle...There is no shortage of productive work to be done in regards to the OmniCAR and three in-house Car-T programs, also the 'Stealth Mode Cell Enhancement Therapy Program'.
The Peter MacCallum is Australia's premier cancer research center and globally renowned for it's quality of staff, trials and outcomes...The Peter Mac does not attach itself to poorly managed companies and currently have 4 full-time lab technicians working solely on PTX trials, now that's a vote of confidence from the Peter Mac as to the importance of our pipeline and it's potential for a meaningful impact on future cancer treatments.
Thanks, Dan