funding-dendreon

Found out who Springtree are so I just called up and spoke with Jeff Easton this morning, the guy in New York who is the MD that invested $25.5M in Prima. He explained that Springtree is a fund they have set up primarily to invest in Australia with partners from other funds. PRR is their first venture here.

He said that the investment partners of the fund had successfully invested in Dendreon and that they looked at Prima being a risk free trade, with great potential in the medium and long term. Prostate cancer vaccine vs ovarian cancer vaccine and the fact they had their biotech research analyst do the due diligence on Prima’s ovarian cancer vaccine CVac. I thought about this as it is coming from a different perspective to how I’ve typically thought about Prima. Well if a bunch of Yanks make big money then what is the size of Prima relative to Dendreon?

These guys might be taking a punt but it is a big punt downunder. If Prima is successful and he sounded totally confident then they could repeat the success they had in Dendreon and this investment is simply a reinvestment of the profits they made in Dendreon.

Very bullish for us shareholders with Pfizer lady running the US operations, Ian Frazer, FDA, orphan drug and ovarian cancer vaccine for no current treatment available. Prostate cancer is not a killer, but ovarian cancer is. Very bullish I still haven’t sold since buying at 0.8c, 8 months ago and waiting to take profits at 88c (No I’m not Chinese) Probably buy some more today. Earlier blogs suggesting Nasdaq listing may be right on the money. Today looks like being very interesting. Watch this space.