BIT (ASX) more key words: potential partners

Originally posted by msn81 ↑

Hey All,
Just finished up at the AGM, I'll try my best to summarise,

First up,

About 60 people attended, most seemed like long term holders, they knew the BoD, been attending for years etc. I was one of the youngest there (37 yr old).
It lasted for about 1.5 hours
All motions got passed... there were 80million votes cast by proxy. Roughly 42m votes FOR resolutions 2-4 and 27m AGAINST and the rest abstain/Undirected.
This was the largest turnout of an AGM they have ever had.

Michael Hoy presented first, then Michelle Miller.

Michael Hoy said
~ The trial was not an over-night success
~ BIT225 is cutting edge scientific technology
~ Peter Gage will be amazed
~HEP C program is particularly active
~HEP B program to be advanced in the future
~Main focus is HIV
~Biotron is well funded

Michelle Presented.
It was mostly a dumbed-down version of the Phase 2 Trial, for non-scientific Share Holders, followed by commercial strategy.

The Scientific Part
I won’t go in too much detail, but she said “Absolute Definitive Results” – I can’t express here how confident they were in their data. She said all data will be made available next week when they present at the conference and partners. She said it will be very scientific, hard for people without PhDs to read. She said some of the PK (Pharmakenetics) data will not be made available as this generally remains trade secrets, but only serve as regulatory requirements.

She did say ‘The results showed a Statistically Significant Clinical Reduction’ (of the sCD163 - ?T Cells?). She chose her words here/corrected herself ; “Statistically Significant”, which means to me >95% (going back to my statistics lessons from school, confidence intervals etc).

In short - IMO there is absolutely no doubt of their findings/results, they were absolutely confident about this. They were also not surprised - it’s been 16-20 years’ worth of research, in a conservative industry.

The Commercial Part
Biotron are completely focused on commercial - Michelle suggested she has not been in a Lab for over 20 years (I smiled but then realised this wasn’t a joke). She said they are not a bunch of scientists having fun and are absolutely focused on getting a product out to market. She reiterated that this is a conservative industry many times, and if they don’t follow correct processes and regulations they would be shown the door, and said twice ‘There are No Short-Cuts’.

She said they are already engaged with partners in the market, but what they need to work out is how BIT225 can be marketed as a product on the shelf. BIT225 is part of the puzzle, short term it could be a drug that supplements other C-ART drugs which will have a positive influence on the quality of life for those taking it, whereas longer-term the drug is intended to be marketed as a (my words; ‘cure’ - i.e. here’s a drug that will cure you and you can stop taking it afterwards. That was the crux of where they are at - right now, where BIT225 fits in with other drugs. A partner may have an ‘arsenal’ and more tests involving BIT225 in the combination is required.

She used the word “Partner”, not “Take-Over” or “Deal” - but when quizzed specifically on that she says in her mind they mean the same thing.

In regards to a deal, and when quizzed specifically, she suggested 6 months is a possibility, and Michael Hoy quickly spoke up to try and shut down the timeframe conversation. But before Xmas is highly unlikely (that’s my understanding). They cited the recent J&J and Arrowhead deal – some 3.4billion USD, and Michelle was very adamant that companies with $100million market caps don’t fetch multiple billions of dollar deals. That said, from what I could tell, the strategy seemed to be to get BIT’s market cap up to (?? 1 Billion Dollars) to be able to negotiate such deals in that 6 month timeframe! I.e. it seemed their expectation was this could be achieved - they were definitely not dismissive of a multi-billion dollar deal in the future (just not with a 20c SP).

When quizzed about finances – Michael adamantly said they have more than enough funds to take them up to the point of negotiating a deal. He loosely said they have $5m in the bank, another $4.7m from the underwriter, $xxm coming from BITOB conversions etc. So funding was not an issue (trials are expensive they added, that’s what make the costs).

Lastly, I felt they did not reveal / were holding back information on their HEP C program with China. They said there is a lot of significant interest from China in their program, and this is something they are keen to progress, but would not elaborate much more on this (other than China is a difficult/different industry to work with). They hinted that news will come from this in the coming months however!

Someone asked if BIT225 could be fast-tracked for FDA approval on the grounds of being ‘break-through’/’revolutionary’? They answered along the lines that they are looking into all avenues, but would not give a yes/no response.

In regards to the questions
@Davistite, MM did not say whether another Phase2 trial will be required specifically; there was more talk about Phase 3 trials – and how Biotron could not embark on this alone. In regards to the data - all data will be released next week, when presented to the conference and partners. The only exception to this - that they are still looking at are ‘the markers’ - from my non-scientific understanding - the other measurements (of success) that they can find from the results of the trials, i.e. BIT225 also reduced xxx or showed impacts on xxxx. This information will be released when they know more.

My Overall feeling after the AGM.
It was very positive. I realised/got the sense they have a great commercial strategy and are working for the best interests of the Shareholders. They seemed business minded, I thought it may be a bunch of scientists, but didn’t get that feeling whatsoever. The industry is conservative and they have to work within the framework, they know this, and know how to work it. As an investor, I am very confident about BIT over the next 6 months. The strategy seemed to be - get the news out, get the SP and therefore Market Cap up (to $2.00 or $1Bil MC)?? and then start the Multi-Billion Dollar negotiations for a commercial partner.

Hope this helps. I’m a happy holder, and it seemed like the other SH who left the room were too (I spoke to a few who were happy coming away from the event)

Please do not take this as financial advice, the information provided is In My Opinion, Do Your Own Research.

Back at work now, so won’t be able to respond to other Qs for a while.

Cheers
MSN

Expand

Nice Summary at MSN

IMO if they feel as if the current mkt cap is too low and would need to be a fair bit higher I wonder what they have in mind to increase it within 6 months...those expecting things before Christmas I believe are exiting. 6 months is only April/May next year hope people sell this down a bit more happy to collect more and hold for 6 months IMO only

No.	Vol.	Price($)
1	100000	1.9¢

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Price($)	Vol.	No.
0.020	1052498	3
0.021	500000	1
0.022	1431102	4
0.023	1100772	2
0.024	153949	2

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1431102

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1100772

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153949

(20min delay)
Last 1.9¢		Change 0.000(0.00%)		Mkt cap ! $17.14M

Open	High	Low	Value	Volume
1.9¢	1.9¢	1.9¢	$7.664K	403.3K

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