CSD was discussed in some detail at the AGM.
Without being able to say so directly, it was evident that they thought RB signed up with an intention of parking it.
They were genuinely shocked and saddened that C&D returned the rights without alluding to why.
The board agree that the condom has great potential but the major problem is the investment requured to get users to switch from the very few players.
The product had been given out for free in Holland and got great reviews.
The board feel that our remaining money is best spent on progressing MED. They however remain open to new partnerships.
Regarding the slow progress on a MED deal, their response was that “you cannot push these players along. It will happen at their pace.”
We, investors tried to push the board regarding is it a license deal or are there discussions regarding a takeover. They obviously couldn’t answer. But as I mentioned in a previous post, it seemed to slip from a red faced chairman that one party may be Phizer.
I mentioned that I thought that our market cap was shockingly low and that I could not imagine anything but a takeover as a consequence. They agreed about our market cap (i.e. Stock price) but didn’t say more!
Tony, I was impressed with the chairman, the CEO and a director who answered many of the R&D questions. It’s very clear that they’re very clued up on the science end (which is the nuts & bolts). Wasn’t too taken by the new Finance Director. There was also a non exec director who didn’t utter any words.
The lack of news and a long time being invested, means it’s easy to get pessimistic. But rest assured, MED is a very special product and it’s on the ‘finishing straight’, so keep hold of your betting slips!
If I had to second guess when the MED deal might be sewn up (from the tone & responses from the AGM), I would suggest somewhere within the next few months. It would appear to me that the interested party(s) are going through their due diligence.
I personally am not worried that we’ll run out of money (assuming positive 1st part of phase 3 trials) as that successful completion would make us an instant takeover target for multiple players. I personally think that at least one of the big players won’t want to wait till that stage for that same reason.
Reading the above paragraph, you may think “why don’t we wait till successful part 1 to do a deal in order to maximise value?”. The answer is you have to be a seriously calm ‘poker player’ to take this approach. I would suggest the board are very risk averse and hence would not want this approach if possible. (I publicised my aforementioned thoughts to them to ensure they don’t sell MED short. I have a feeling the advisors have probably advised the same).
James Barder looks like he’s been seriously toiling since we last saw his interviews from many months ago. I think there’s been a lot going on behind the scenes.
Keep the faith.