Today's RNS



It’s typical isn’t it Tony maybe we have got it completely wrong! They’ve only bought another 163,200 shares though if I’ve worker that out correct so a very small amount and pretty insignificant in my opinion.

Like you say Tony I’m the same I had far too much risked and in January this year I was 65k down if I remember right before it started going up.

I remember thinking at the time I’d do anything to break even, so to make 80k profit I’m happy. I kept thinking don’t be too greedy but with the risk:ratio with FUM it’s so tempting to stay in.

I’m now like Tony just waiting for a drop but we might’ve got it completely wrong.

Full respect to Aberdeen keeping his 300,000, it’s unbelievably ballsy after being in that position myself and I hope it pays off in the end.


Completely agree, Mark, even though the cynic in me suggests Lombard are pulling a stunt as there is currently a big glut of 32.90p buys with no movement so maybe there is still a significant seller supplying the Market in the background.

Yes, I remember my FUM holding dropping to £15k and feeling terribly depressed about it so I’m not getting caught again. Maybe I should have held on to a token 50k though, but the disappointment of my 13th FUM interims made my decision.

Fantastic potential MED, but I really wish the FUM management was much more business savvy.


Tony, think carefully if you don’t have any holding at the moment. Funding clarity will likely come post results. If those results are great, someone might try to gobble us up before you have a chance to come in!

Remember if you come in now, you’re still better off than your disposal price of the shares you mentioned you sold early on in the trading day of the interim results.

Now, LO have decided to increase their stake, you should have added reason for more confidence.

Please note my message does not guarantee you’d profit by coming back in, but IMHO the risk:reward remains great. Compare our current market value to an expected market value for MED with great results. Then add in the possible value of the rest of the portfolio as well as the Dermasys delivery system itself.

PS I made a similar mistake when I owned a large number of shares of the California based Biotech Co that I worked at. They were in a similar position with one lead product very close to receiving approval (their first new drug license). They also had a ‘colourful’ journey, I lost confidence right near the end, and within a few months they were purchased (much to my resentment!)


You got stonewalled Emtee, - as did I last year with a similar request.
Thanks for sharing.


Same goes for you Mark.

One golden rule (I learnt the hard way) for investing is never allow your emotions to make your investment decisions. Always make them with cold, hard facts.

It sounds like you sold your holding because for an extended period you were sitting on too large a holding that was showing you a large loss (at 7p a share). Once that loss reversed to a large profit and we got the Interim results, the pull back of the share price (through no negative news IMHO) meant you pressed the trigger to sell your entire holding. I suspect you guys weren’t alone, any loads of PIs sold for the exact same reason that they were scared the stock price might return to something ridiculously low again! I’ve done this exact thing over the years as well! Until my father in law (whose a fabulous investor) educated me to not listen to my emotions, but purely to my Rational thinking around a stock purchase or disposal.

LO were routinely selling at around 45p a share. I suspect they’re buying back in knowing that the likelihood is we’ll soon return to a similar price, at which they may again drop those additional shares?!


LO buying again is great news. It confirms that in all likelihood, they were disposing, not because they had any negative connotations, but because they were simply reducing their exposure in case of a worst case scenario for the 3a results (in much the same way as many of us had done).



I probably shouldn’t let my emotions get the better of me but last year hurt and I’m happy to walk away with the profit I made for now.

A good investor also once told me, never be scared to sell for a profit.

FUM does have huge potential though.

It’ll be interesting to see how many Lombard buy, like I said only 163,200 at the moment. Are they playing a game to trick the market?

I’ll consider coming back in though if they keep increasing their holding. Even if that means at a higher SP.


I’m not sure why LO are buying such a small amount of shares unless we see small purchases on a regular basis.

PI’s might find such stock piling a big encouragement to buy.


It could be a very clever tactic played by Lombard. We’ll have to wait and see if they start buying a substantial amount or not.


I understand what you’re saying, fx2452.

I don’t think my selling was based on emotion, however, it was more opinion on FUM “the company”.

I mentioned in an earlier post that I didn’t like the way they reported cash resources of £5.63 million and tagged on the £1.36 million tax credit due, but neglected to mention the £3.5 million trade payables meaning the “true” cash position is much lower.

“Big deal” some might say, but it’s stuff like this I find misleading. I’m also still angry that the directors paid themselves huge bonuses last year despite the need for funding. Not just a couple of grand to treat themselves to a holiday but £40k each - more than the annual average salary. And what on earth Angela Hildreth did to “earn” her bonus I would love to know, as she’d only been in place a few months.

I know I’m having a bit of a moan here, but I don’t like the way FUM is being run. On top of the disastrous dilution last year, it’s extremely bad management.

So “enough is enough” and I’m approaching FUM with much more caution.


The best bit about that was we thought they’d actually put their own money into the fundraiser, when actually it was just bonuses they’d been given.

We only found that out afterwards, it was a bit of a joke to be honest.


Trump, they had to notify when they go above 14 percent and on this occasion it only required a few shares to do so.
I don’t think we can read too much into it to be honest.


Just a word of caution
No one knows how many shares Lombard has bought because all we know is the last notification which was just below 14 percent.
Whose to say they were at 13.5 percent or indeed closer to 13 percent.
We’re all assuming they were at 13.97 because that was the last notification (when they dropped below 14 percent)
The reality could be that they may have bought much more than the figures being quoted


Surprised to see that LOAM increased their holding.
Could they have done this by selling followed by buying? Or would the full movement have to be declared in TR-1s?


Could do.

Hopefully this will all blow over next few days / weeks then SP will march on wards in anticipation of the read out in December.

I can’t stop thinking that 400/500 are continuing, Barder even mentioned on the proactive video that it’s a bit more than 80% “round about 80% slightly more”, take out wrong dose / under dose or even over dose if it’s too powerful, take out placebo, take out people who are older and don’t want to keep using it, take out the money side as it isn’t paid, take out those who could of got a bad headache? then those who would rather use old Viagra instead, I think it’s brilliant.


Aberdeen - What’s the normal % of Placebo in a P3 study?


For erectile dysfunction it can be as high as 50 percent, although on average 30 percent


Understand what you’re saying Tony- I think you have some fair points. But whether or not it warrants not having a toe in the water so close to a potentially pivotal point is where our views perhaps diverge.

Have a good weekend (free of any FUM stress)


Exactly, Mark. It stinks.


I’m afraid that can never happen, fx2452 ! I was stressed when I was a holder through fear of failure, now I’m stressed as a non-holder through fear of missing out! I can’t win - I’ll be forever trapped in FUM’s web.