Winter is in the air, what for IMU?As winter nears and the cold approaches leaves commence their fall to the ground, in the midst of fall, or autumn as we know it in this part of the country. Young lambs and weaner calves start searching for warmth, guided by mothers who have experienced such a change in season in years gone by. They themselves having followed the leaders of their own flock and herd toward shelter in the depths of winter.
Imugene shareholders themselves were once led by innovators and founders of novel immunotherapy products toward greener pastures. Professors Pravin Kaumaya, Yuman Fong and then Dr Saul Priceman M.D, all led the way as Imugene’s own leaders sought to garner support for their newly acquired medicine. Science Series explaining the science and Investor Roadshows were held, in order to parade the company’s new fare. Subsequently as turmoil hit world biotech markets and the cold set in, company Chairman Paul Hopper released a newsletter, in an attempt to appease IMU shareholders. At the time shareholders themselves had felt left out in the cold, with Hopper himself having cashed in some coin, prior to their own portfolio values heading south.
Yet in recent times IMU shareholders have not seen hide nor hare of their product innovators, nor their company Chairman for that matter. Its as if they’ve disappeared, or perhaps disconnected from the ongoing malaise so often present when things turn south at IMU headquarters. During such times company staff are sent into battle, with CEO and Managing Director Leslie Chong doing her best to keep the wolf from the door, rallying her troops Bradley Glover, Paul Woodard and Nick Ede to the cause. Though more often than not shareholders treat such monologue with disdain, as they do Paul Hoppers newsletters, muttering among themselves “We’ve heard it all before. If things are so good why is the Chairmans family selling off their own holding,” they are heard whispering from afar. “What, can’t they afford some meagre margin loan interest? Why doesn’t the board hold them to account and state clearly this is not good for an already fledgling share price,” many often ask?
Last Spring IMU holders had reason for cautious optimism as the company’s flagship candidate Vaxinia released strong interim clinical trial results. Though the one person holders wished to hear from, Vaxinia founder Yuman Fong, was nowhere to be seen. Company Chairperson Paul Hopper, having survived another AGM, was missing in action as well. Once again shareholders were greeted with some positive rhetoric from company staff and personnel, keen themselves to have their own holdings in IMU replenished in times of disquiet.
Shareholders at Imugene just aren’t sure where to seek solace when it comes to the ongoing decline in their holdings. The profound lack of commercial direction no doubt having contributed to the ongoing fall from higher highs, to lower lows. Now more than ever they feel further away from their product founders and company leader. To the naked eye information surrounding clinical trials, be it for PD1 Vaxx, Oncarlytics or even Vaxinia, is at best scant or at worst non existent. Updates are promised but more often that not undelivered, as investors sit on the sidelines, foraging for a measly pick to placate their own flock. Upbeat interviews from Chong are met with support for a week or two, before the rot sits in again, as investors come to the realisation there’s still no meat on the bones for their own herd to feast on.
When one steps back and candidly assesses the Imugene (IMU) share price this autumn one has to admit the company’s strategy to return capital growth for their holders has been at best a dismal failure. At 8 cents or thereabouts investors are well and truly out in the cold, when it comes to not only the share price, but communication from their product founders as well. Consistent and reliable clinical trial updates have not been forthcoming and as such many are left wondering what is happening when it comes to their initial investment in products company such as Her Vaxx.
Would the company have been better off biting the bullet and listing on the Nasdaq? Should they have appointed an independent, publicly respected Chairperson without a massive shareholding and inter company links to IMU? Would a continuation of the Science Series and ongoing communication with their product founders have proven far more successful than their existing media strategy? Should the Board of Imugene mapped out a clearer path toward commercialisation for those participating in capital raises gone by?
Who knows, is I guess the only answer that comes to mind. As with all things Imugene, its wait and see when it comes to clinical trial updates, commercial direction, (or indeed lack thereof), and communication with their product founders. One can only hope the Board at Imugene has a feather in their cap, or perhaps another card in their pack, when it comes to appeasing shareholder angst this winter. Otherwise as with 2023, its going to be a long cold winter ahead for existing IMU holders. There’s no point in attempting to sugarcoat the current situation. Nor to sit around and complain in search of what might have been. Let's have no recriminations, nor pass judgment on those at the helm. What’s happened has happened, let bygones be bygones, as it were. If however the company is to return to higher highs, a drastic change in corporate strategy needs to occur. Better communication when it comes to clinical trial updates, commercial direction and correspondence from product founders must transpire, if shareholder interest is to be maintained if not bolstered in the months ahead.
I do trust all involved at Team Imugene are prepared like me to call it how it is and reflect on the events of years gone by, learn from them, and deliver a clear road map forward for all those holders willing to stay the course. As always there appears to be brighter days ahead at Imugene, let’s hope those in control are successful in capitalising on them.
WMHB
DYOR Seek investment advice as and when required Opinions only
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