Gooday Moosey, I'll try to note the main points in bullet form. Bear in mind my feet have not touched the ground since Sunday morning. Having driven 8 hours to Melbourne on Sunday, meeting Monday. Tullamarine airport that afternoon and are now floating off the coast of Dampier, in my role as a ships engineer. Ok, enough of that.
: The meeting was brief. The first half taken up with voting on items on the agenda and all passing
: Chairman, D Williams, noting the substantial change in the board line up. Usuall pleasantry's expressed, to out going board members and introductions of new members.
: Introduction of our new CEO, Paul Brennan. He was present and gave a brief intro of himself and his past. He dosn't actually come onto the payroll untill next Feb some time.
: David Williams, then went into an explanation of his past, including his involvement in other bio's, who's names I forget. Then layed out his brief but broad plan for CZD. They being in no particular order the following.
: The board has decided to "cut loose" (my words) Metabolic/AOD9604 and focus it's efforts on Pollynovo. How this will occur, has not yet been decided. In any case it's been decided that to extract value from AOD9604, will cost an unknown amount of money and that expense will be better spent by some other party.
: CZD will become known as PollyNovo, I think by weeks end. Application has already been made at the ASX and the new code I think is PNB. I could be wrong on the code, but we should know by weeks end. The reason being, the board wanted to align the name with the product, seems obvious.
: Barda application was finally submitted on the 26th Aug and the board was happy with the meetings so far. They expect a resolution to this application within 4 months and feel quite positive about it all. Assuming a positive response. Funds/grant from Barda will cover all costs of trials in the USA.
: Which brings me to the next point. D Williams spoke at length about small Biotechs "dying by a 1000 cuts" ie, not throughing (my words) enough money, energy and resources at a product and eventually going under (again my words) His strategy seems to be trials/trials/ and more trials. That is the only way to get regulatory boards, doctors, distributors, partners on board. This of course solicited the querry about cost. His response being that, there are a number of ways to fund these trials. Either by partnerships, take up of equity and other means. He then quoted a company ( name forgotten ), that he is both chairman of and 50% shareholder. In which there are 20 trials currently occuring and which this company isn't paying for any of. He also plans to employ more people ( exact number not mentioned ) to support Paul Brennan ( new CEO ) to achieve this aim
: Further on trials. Prof Greenwoods current trial in Adelaide on deep burns was mentioned. Due to the tight controls in regard to eligabilty to participate in this trial. Only one person has now completed treatment and the results were extremely encouraging. Recently ( the date escapes me ) a second burns patient has been admitted into this trial. He expressed his frustration, but by and large, this was a matter outside anyone's control.
: Indeed it would seem that timeline's have been pushed out, as you mentioned.
: I didn't come away disollusioned, but nor was I excited. I think at this stage, benefit of the doubt must be given. There seems to be a strategy. That being to get PollyNovo, out there and noticed. Again as I said, trials. Already there are 3 to proceed, they being at the Alfred ( dependent on a grant application from Vic gov, from memory ), Toulouse in France and Taiwan. I can't recall if that was BTM or burns. Also with the hiring of a CEO, with a marketing and nursing background and further staff in support.
I hope this helps.
Graeme.
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