Excellent price action on the back of the AGM this morning (IMU up over 20%). Listed options are looking particularly strong.
The kicker is the Oncolytic Virus US FDA IND update which we are waiting on ... when this drops (before year end?) ... Big Pharma will be lining up for a shoot gun wedding...because the OV baby is in the oven!
IMU's current sp is definitely not pricing in the OV FDA update!!
Here are my AGM meeting notes...(i hope the formatting is carried over from word to HC ok)
IMU AGM
24 November2020 (9am Syd time)
(via Zoomvideo)
PaulHopper (Exec Chair):
- Openedmeeting
- IntroDirectors and Management
- Quorumand meeting in order
- Openingwords:
o 2020 was extraordinary year with hugechange and growth
o With acquisition of Oncolytic Virus (OV)from City of Hope
o Raised $26m
o 4 clinical trials in the next 12months
o Thanksgoes to Leslie Chong (LC) and team for an outstanding performance
- AmazingHer-Vaxx results announced yesterday – LC will go through. We will forward onhow Her-Vaxx unfolds.
- PD1-Vaxx– progressing nicely and we hope to open study well before Christmas [Mynote: Well before Christmas? It is already Nov 24th?]
- Costs– we are being good stewards and in good shape
- Market Capitalisation – as at 2013/2014 = $5m … as at yesterday = $500m(10x increase)
- Showeda slide of how IMU built the portfolio <Slide 3>. [My note: does IMU looklike a Biotech Venture Capital Firm? Buy and sell IP/research?]
LeslieChong (CEO):
- Phenomenal year so far!
- Intromanagement team
- Highlighted Dr Rita Laufle (new CMO) Oncolytics Biotech experience(Former CMO at Oncolytics Biotech, Ex Genentech, Ex Hoffmann-La Roche, and ExNovartis)
- 2020year in review:
o <slide5>
- Busybeing published in major journals and presenting at major cancer conferences.
- Her-Vaxx Phase 2 data update:
o Hazard Ratio = 0.418 (in laymansterms = reduced risk of death of 58.2% in the HER-Vaxx plus chemotherapy groupas compared to chemotherapy alone.)
o “Statistically Significant”
o What is ‘Beautiful’ about this datais that Her-Vaxx when added to Chemo added no toxicity.
o IDMC felt data was strong enough toreduce number of patients to around 34 patients.
o IDMC concluded we added on toxicity.
o We have proven clinical proof ofconcept and bodes well for our B-cell platform.
o Wewill close study earlier with 5 added patients in near term.
- PD1-Vaxx study to open shortly.
- Financials:
o 11.5c share price = $528 market capitalisation.
o Cash= $26m (excluded R&D rebate and cash from exercised options)
- PH – Formalities:
o Proxiesreceived and tabled
o Financialsapproved
o Allresolutions passed
Q&Aon the resolutions:
1. (Resolution 5: allows 10% capacity forcapital raising over 12 month period):
a. Will IMU be included in the ASX300 as this 10%rule only applies to ex-ASX300 companies?
b. PH added: what is the entry MC forASX300?
c. Ans (CFO): Threshold for ASX300 wasaround $300m MC but IMU were not included in last round of index update in Sept2020. CFO will look further into ASX300 inclusion requirements and advise.
2. Any plans for a capital raising overnext 12 months (given the resolution on the 10% capital raising rule)?
a. Ans (PH): No plans for a capitalraising. We just want the flexibility for opportunistic purposes.
Closed: PH formally closed the meeting.
GeneralQ&A:
1. Will Bell Potter still receive theoption shortfall given the strong of the Phase 2 Her-Vaxx results?
a. Ans (CFO): Yes since BP underwrittenthe options.
End of GeneralQ&A and meeting closed (at 9.25am).
(20min delay)
