some interim comments on the agm, page-2

Hi All,

I managed to get to the AGM and the excellent earlier posts cover all the ground one could need. The only points I would add might address some of the HC posts made recently,

• Paul re-iterated that there were other suitors for Biovex who went home empty handed. He has also been ‘in extensive discussions with potential pharmaceutical partners’, some of whom apparently have a “file” on VLA (what that means I will leave to the imagination).

• Paul stated the board’s commitment to getting the Phase2 trial recruited asap. They intend to bring intratumoral trial recruit numbers to 35 in the next 12 months.
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As has been stated before, recruitment to trials in late stage melanoma is really tough. Dragging out recruitment to save trial costs is, in my opinion, an illogical furphy. However, as it is an open label trial, a best case scenario might see a fast track to Piii if the results of half the patients are compelling enough(IMO).

•Questions to Paul re: the suspension and Cap Raising notice were shut down (selective disclosure). He was less than enthusiastic about the one suggested alternative (of stapled options rather than discounts) to encourage existing investor participation.

Clearly the intended SPP structure was agreed on, my question is the delay in the announcement. PH had hoped to make an announcement prior to/at the AGM. I wonder if Pattersons held things up as they couldn't agree to the deal terms?

•A poignant question was raised regarding the July 24 press release referencing “a new focus on assessing and accelerating potential revenue generating opportunities”. Paul was quick to hose this down and underline the board’s commitment to Oncolytic Virotherapy.

•The 75.5% on Resolution 5 was met with a deafening popping of eyes! I think people were too stunned and the slide projected for too little time for any meaningful debate on the matter.

•Look out for updates ‘soon’ from the Uni Surrey bladder cancer collaboration

I also had a chance to speak with Len Post afterwards and he is every inch the scientist. His appointment was about building credibility with clinical investigators (site establishment, trial recruitment etc) and, by extension, the scientific teams of pharma partners. My impression is that he already has made an impact in this regard.