Suggest comms can always be improved however in the case of IMU & LC in particular suggest they have pretty much focused on and stuck informing the market regards core objectives and outcomes. That recent preso by LC being no exception. For what it is (probably not) worth my feeling is that we are in that stage where releasing news gets very tricky as to what can and cannot be said without causing issues either for management or the market. Frustrating but a case of no news being good news. Not a time to speak of side issues as this will simply cause the market to become confused.
If only the world was round
If only life were so simple, and CEO’s and Managing Directors even Chairmen could release information as when they wanted to suit their management goals and the market. Unfortunately Public Companies and Law do not function that way. I draw your attention to a capital raise less than 3 years ago now wherein Imugene (IMU ASX) raised over $90m AUD, with the primary purpose being to fund trials in none other than Her Vaxx, PD1 Vaxx and Check VACC. The capital raise could be viewed by many as a contract between the company and its prospective shareholders. “We shall use your funds for this purpose”, says the company, “this is my consideration, my capital”, say the shareholders.
Under Listing Rule 3.1, an entity must disclose all information concerning it that it becomes aware of from any source and of any character, if a reasonable person would expect the information to have a material effect on the price or value of its securities.
Having then committed and spent their money shareholders are entitled to assume, unless otherwise notified by the company, that the funds are utilised for the purpose set out in the Prospectus. And that in this instance, in due course they shall be notified of the outcome of the said clinical trials and company developments therafter (see herein and extract from the Capital Raise dated July 29, 2021).
I note at the time leading Imugene’s product pipeline were their B cell immunotherapies (see an extract herein)
Second in line was the companies much heralded CF33 Check VACC Trial (see and extract herein)
As noted there has been no regular notifications, updates or for that matter announcements with regards to the Her Vaxx, PD1 Vaxx or Check Vacc clinical trials, drug or commercial development. From the outside looking in it would appear management are “running their own race” with blatant disregard for those who have funded the company pipeline, paid for their ongoing remuneration and incentives, not to mention countless trips to hospital and medical destinations which may or may not have ended up participating in the said clinical trials for the aforementioned products.
Prioritising spending is crucial to the ongoing viability of pre revenue biotechs. But it in no way abrogates management of their fiduciary duty to disclose items of development which could be considered material to the companys progress. Now given the items mantioned herein were at the top of the charts when it came to recent Imugene capital raises, I would have thought, as a reasonable person, I should be kept abreast of clinical trial, product and commercial developments pertaining to Her Vaxx, PD1 Vaxx and Check VACC.
Imugene - Let’s take a trip down Fair Dinkum Avenue
I’m not sure how long you have been around Imugene (IMU ASX) for but your comment Not a time to speak of side issues as this will simply cause the market to become confused actually beggars belief. How on earth you could see the Companys oldest and most advanced platform, comprising of their B cell immunotherapies, or their CF33 Check VACC treatment arm, as side issues, is beyond me. As outlined in this post these were the leading lights in Imugene’s portfolio from which they piggy backed to raise money from their now shareholders. Failing to keep these investors abreast of developments in these treatment arms is hardly a side issue. Oh and by the way, the market is confused, as it so often is with Imugene (IMU ASX), because in spite of the presentation(s) you refer to in your post, noone ever knows what the bloody hell is really going on with Imugene. If you need an answer as to why the share is languishing at the measly market cap it is today, when many markets and biotechs are at all time highs the world over, there it is in a nutshell. The company has the science in place to secure a market cap 10 to 20 times it’s value as at today, but poor communication, a failure to complete and a significant lack of commercial direction have all served to fail investors miserably, including those who invested in the July 19, 2021 capital raise.
I note you say For what it is (probably not) worth my feeling is that we are in that stage where releasing news gets very tricky as to what can and cannot be said without causing issues either for management or the market. Management does now have serious issues, one’s I dare say they cannot jump over at this years AGM, due to their ongoing failure to connect their science with the prevailing IMU share price of the day. The reason news for them gets very tricky is that a failure to communicate to shareholders effectively over an extended period of times leaves them open to doubts, cynicism, scepeticism, disbelief and questions concerning each and every arm of their treatment programs. “How many patients have really been dosed in this or that particular trial?” Is an oft used question among IMU holders. Remember, the one you were so excited and exuberant about when you came knocking on my door for more funds…….
DYOR Seek investment advice as and when required Opinions only
(20min delay)