Pram was at the agm;
PramBigear 7 May'15 - 22:46 - 18411 of 18416 2 0
AGM Report
I won’t bang on about the things that are obvious and announced in the report or RNS’. I will try to add my take on things that came up ‘informally’ (but on the record) as directors fleshed out statements they were making.
Firstly, this was the most positive AGM since the heady days of the P3 for Trovax, with the manufacturing deal, finances settled for a good while, break even towards the end of 2016, and 3 own products developing to begin to look like ‘monster’ earners!
J Dawson.
What excites them most about the Novartis deal (and has been underestimated by us) is the extent to which the Novartis deal VALIDATES Oxford’s IP and it’s process. There was a long period of due diligence simply because the deal effectively and practically LOCKS Novartis IN to OXB. They couldn't find serious alternatives, and to do so at any time over the next few years will mean Novartis would need 3 years to set up an alternate supplier. The relationship is VERY close.
The result of this validation is that (Dawson’s words) “we now have the big guys coming towards us” particularly for Lentivector.
CAR-T intellectual property
I didn’t know this, but apparently the T-cell modification process is not patented by anyone. It has been around and public for so long it has run out of any patents it had…. Which is another reason the whole world is developing something.
Incidentally, the same is true of 5T4 to some extent. The patents on this that are exercisable are limited.
However, the feeling is that Lentivector is the delivery method thought to be the best.
Novartis get RIGHTS from OXB over the patentable methods of delivering CTL-109, but OXB get the IP.
OXB will get a “low single figure % royalty on CTL-109…… but this is potentially of a HUGE figure. Plan is for market in 2017.
CAR-T/5T4 excites the industry, and especially the Americans….and (quote) ‘we would own all the IP’
Paul Blake
Paul explained that Prosavin 3 year improvements have been maintained for those who had medium and high doses, which underpins the principles of Prosavin. That the OXB-102 P2 trial is being developed and the same trial centres will participate but (the intention is) with candidates that are less poorly.
Retinostat he claims reported ‘great data’ with a clear dose response on patients that expected no improvement and that the right people are very excited.
He was also positive about Trovax and, having been the man that wanted to kill Trovax off, he professes himself very pleased his colleagues didn’t agree.
Most of the directors made contributions to the presentation, and all were quite polished, confident, and really excited.
Clear indications that they do NOT have a strategy to be sold. Preferring to grow the business to a multi-billion business…… and do you know what… I think they will.
Slight concern.
There is an assumption that the finance deal for up to $50m makes dilution out of the question. Possibly. Dawson says ‘it makes fund raising and dilution LESS likely’ but the fact is that the capital investment programme to expand the factory output will take most of it. Middle of next year, cash COULD still be a close run thing.
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