Still here, holding on

@antibotter , I saw on a post recently you were asking where I was, as i havent posted on this forum for quite some time.

I'm still holding, but my sentiment has changed from buy to hold. The reason for this is just the utter slowness on the part of mgmt and lack of progress on many fronts. This is by no means saying I am negative on Starpharma, as i still hold a significant amount of shares. However, I have admittedly rebalanced my portfolio and sold some of my shares to invest in other opportunities where I see a more likely return in the short term (PXS - Boehringer Ingleheim have completed a Ph2a in NASH and intentions whether to proceed to a Ph2b is around the corner, as well as a LOXL2 licensing deal, both are expected before year end, IMM - a company that reminds me of VLA a lot, with a Ph2b readout for Breast Cancer in Q1 2020). I have move capital into the above stocks in an attempt to reinvest back into SPL at the same levels, even higher if necessary.

SPL to me is still one of the, if not the best long term pharma play on the ASX, however timing the market is impossible. My belief is that even though mgmt is ridiculously slow, time will eventually run its course and we will get positive announcements.

The most important requirement for SPL is to get some hard data out about the Ph1 dep-cab and Ph2 dep-dox trial, not the pitiful update that we got recently. We need hard data, ie response rates, not just jargon like "efficacy signals". If SPL gave a data update with X% patients having SD (stable disease) or PRs (partial response - ie tumour shrinking >30%, ie remission), the stock would fly. But its poor mgmt to not give us this data. I am of the opinion Jackie is trying to surprise the market by going straight to topline data on both these trials, with what I believe will still be amazing data. The issue is time. They need to recruit quicker, IMM recruited 227 breast cancer patients in 2 years and have recruited 34 patients in just over a year for a NSCLC cancer trial, so we know patients are out there, I just can't understand why SPL can't recruit quicker. The speed of recruitment is inexcusable.

Also, we require some traction and clarity regarding the FDA - either find a way to get some form of approval with the data we have, or just hurry up and start another Ph3. So much time has been wasted, an additional Ph3 could've been completed by now.

What SPL needs to get going, in my opinion, is the following:

1. A Dep-Docetaxel/Cabazitaxel licensing agreement with a big pharma
2. A Dep-Conjugate license with a big pharma
3. More vivagel roll outs and approvals, with quarter on quarter increases in sales (they are small at the moment but this is because the product was just launched, so I am willing to give SPL a few more quarters to show improved sales)
4. HARD data on their human trials for dep dox and cab
5. Clear updates regarding the intentions with viral conjuctivitis and dep-radiotherapy
6. FDA approval for Vivagel, ASAP
7. License out Vivagel in remaining nations, Israel, Canada, India etc
8. AZD0466 entering the clinic

There's catalysts I've missed, but the above are essential. I have become frustrated by SPL and my portfolio was too heavy in it, therefore my rebalance. I refuse to get emotionally attached to a stock and hold for the sake of holding, which I think some investors do. There's other opportunities on the ASX in my opinion right now that can allow me to hold more SPL in the future, and admittedly I am running the risk of having to buy back in higher on SPL down the line, but I think my returns on PXS and IMM can be multiple times of what SPL can deliver in the next 6 months. Both of the aforementioned stocks have tiny market caps compared to SPL, with huge catalysts coming up; with both being potential acquisition candidates, so right now my focus are on these 2.

SPL is still a great stock, but not a stock you watch everyday in hope of news. I am now accustomed to the behaviour of this stock and mgmt, and whenever an announcement pops up on my phone I read with interest, but the earth shattering news I used to hope for just isn't coming, therefore I have done what I need to do.

IF SPL got FDA approval back in December 2018 the SP would be around $3, but the market doesn't operate on if's and buts.

In time I think SPL will still turn into a mammoth beast of a company, once vivagel income rolls in and the dep trials move forward, but the slowness just drives me up the wall and has caused me to rebalance my portfolio and hit hold on SPL, rather than buy. The board and mgmt need to look at voting Jackie out, I think she's just gotten too comfortable collecting her pay and not addressing shareholder needs with any sense of urgency. The science will take care of itself, but the company needs a more business savvy individual at the helm. I would love for SPL to bring in Malcolm McColl (former CEO of VLA) in as CEO, but I have seen he has moved onto other ventures after the VLA acquisition.

The ship can be steered right, but the captain is too busy counting her money and looking up words in a thesaurus and regurgitating the same lines on each announcement.