SPL (ASX) SPL AGM wrap

Originally posted by ajk92: ↑

On the bus back to the airport so i have some time.

In response to people believing jackie and the chairman were childish and condescending, thats what happens when people who do not understand the company and the processes that go on in commercialising a product - get approval, get packaging and labelling done, train up sales forces and other things. These things take TIME and the reason she got annoyed was because some people do not inherently understand this. SPL have no control over what Aspen are doing - they have provided the market with as much information as possible but people whinge and complain. Yeah timelines dont get met but timelines get blown out - some people need to educate themselves about the fact sometimes its better to say nothing instead of "we missed our targets", the big investors would hate the latter response more and dump the stock. But it is holding up well. Same principle applies for AZ - kicking off phase 1 is in their hands and WILL happen when AZ is ready. Do you want Jackie to call Pascal and say "please start your trial"? She's got better things to do.

Also if youre 65 and loaded up in a healthcare stock you need to re-examine your investment philosophy - a heavily weighted biotech stock at that age may not be smart unless you are a believer who can hold through the downturns.

Anyway, onto the AGM.

Regarding the dep port - the phase 2 is showing patients with stable disease and "tumour shrinkage" - i asked jackie if this meant if they are in remission and she said yes, there is partial responses (30% reduction of tumour size or more). This is fantastic news. I also asked if they considered expanding the trials to the USA and she said no as the cost outlay is too much and it affects the integrity of the data when getting patients from different regions of the world. This to me is a rreasonable explanation. I have zero doubt when we receive phase 2 topline data the market will go insane. Targeted dep is still being explored and all the fact that 70% of the top 200 cancer drugs can be optimized with the dep platform is amazing - they wont optimise them all, just the key ones. Licensing will probably be done after phase 2 topline- Maybe a taxane licence package.

Vivagel. Jackie stated that mundipharma got the euro rights because they outbid another competitor (who were very annoyed to not get the prize), and stated mundipharma have been very proactive in moving things along - you want a good partner with the right deal terms and mundi provided this. The US deal, Jackie did not give a time frame because people complain about timeframes when not met - again she stressed theyll take their time to get the right deal with the right hungry partner. People complain about ansell doing a poor job and now are complaining for the reasons why spl is taking their time with launching vivagel - launching it right with the right partner. Vivagel in the US could sell for more than $200 a tube she stated and that the deal in terms of milestones will be more than the RoW and Europe combined- this would be amazing. Big cash flows to the bottom line. The milestones will bring in cash over the year while vivagel is rolled out later and progressively.

Radiopharma and viral conjuctivitis treatment is looking the goods too, albeit early days.

To be honest i think jackie was right in trying to drill into some investors heads that timelines dont get met for reasons retail investors dont go to the lengths of research to find out why. Theres more to it than you and I know.

I also asked jackie about a buyout and not wanting a lowball offer, she stated big investors do not want a takeover and she said "over my dead body".

Im holding for the long term, and will keep on adding, this stock if the cancer treatment gets to market will be north of $60 with ease. Im willing to wait, i have the horizon and patience to deal with delays that are insignificant to the big prize.

Expand

thanks for the write-up ajk - appreciate the perspective.

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(20min delay)
Last 12.0¢		Change 0.010(9.09%)		Mkt cap ! $50.17M

Open	High	Low	Value	Volume
11.0¢	12.0¢	11.0¢	$127.2K	1.070M

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