Biotech CEOs hit the streets amid sector sell-off
Yolanda Redrup Reporter
Mar 17, 2022 – 5.00am
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“We’ve had phenomenal growth in the first 14 months. We’ve gone from one asset to seven assets, and the share price does not reflect the value the company has,” she [Chimeric CEO Jennifer Chow] said.
“When we had only one asset, we listed at 20¢, we spent most of the year trading above 30¢, but now we have seven assets, and we’re trading below that."
"You shake your head because it doesn’t make a lot of sense ... but the sector will eventually have a rebound, and we’ll see a better reflection of value.”
[...]
Mr Hopper is the largest shareholder, with more than 21 per cent of the company, but it also amassed institutional support from investors such as Hong Kong-based investment management firm Karst Peak Capital, IFM Investors, Alex Waislitz’s Thorney Investment Group, Regal Funds Management, and Hoperidge Capital through its IPO.
Ms Chow, who was formerly head of global marketing, analytics and commercial operations at Gilead’s Kite Pharma, said while the business did not have specialised biotech investors as institutional shareholders, its backers remained supportive.
“We haven’t made moves to change the register. In one meeting an investor said not to worry about the share price ... but you can’t help but be concerned,” she said.
“I am hopeful a few things could drive [a turnaround in the cycle]. Obviously, the world settling a bit. But, for biotech, a lot of development was slowed because of COVID-19 ... it had an impact on clinical trial registrations ... but patients are getting back to centres and hospitals are focused on clinical trials again.
“There was also a slowing down in M&A at the end of last year ... and that’s starting to pick up again.”
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(20min delay)