Thursday, April 19, 2018 11:35:50 PM
We had a great conversation on the past, present, and future of Nemus. Overall, I came away with a great feeling about my investment in Nemus. It confirmed for me the belief that we are in highly capable hands, with possibly the best IP in the entire cannabinoid space.
Brian talked about his past experience, along with some of the staff, who was on the phone. They've definitely seen both sides of the industry, the rigorous corporate side, and the looser start-up side. I think we have some people that are uniquely positioned from that experience.
I wanted to know about the past. Why the failed funding, why the struggle, why give Emerald so much control? He mentioned several failures in the cannabinoid biotech space, along with people making so much money in the flower space for the difficulty. Of the other approved cannibinoid drugs, they haven't exactly hit it big on the revenue side. Several failures for approval, Epidiolex being pushed back several times for approval, has lead to little appetite.
Schneider funding did 3 months of due diligence before deciding to invest. They gave them assurances, Nemus documented, and possibly Schneider chasing Blockchain led them away from Nemus. Nemus hired a law firm on contingency after several firms expressed interest. Sounds like they believe they'll win the case.
Brian pursued Avtar Dhillon strongly. After getting a meeting with him, he did the deal. They were in a tough position, and were glad Avtar saw the hugely undervalued IP.
Sounds like the plan is to try and secure non-dilutive financing options as much as possible. Grants or through corporate channels. They also believe they can package a pre-clinical deal, for one of their CBD analogs.
They definitely believe they are undervalued, and hopefully some of these things will bring up the value as they develop. They want to get listed on NASDAQ, but don't want to do a huge reverse split. He said while an up-list would be great in 2018, it's probably something to target more in 2019. Much better to do a 4 for 1 split, than 50 for 1. They seemed cognizant of not diluting all of us away on the path to commercialization. I wish Brian had a big more skin in the game, but he says he owns about 1% of the company.
I also go the sense they don't have a strong conviction for much of the cannabinoid companies currently on the public markets. I appreciated hearing Brian's experience from working with HIV at Valeant, his Roche experience, and Wendy's experience at Gilead. How first mover is nice and all, but it is more about having a drug with few side effects, huge marketability, AND insurance coverage. Some of the companies and investors our there are going to be surprised by how little value some of the drugs have.
He believes Epidiolex would be a landmark decision for the industry. We can watch the FDA panel discussion on 4/21. He is watching closely, and only concern would be the side effect of putting patients so far into a deep sleep, that that is the reason they aren't having seizures.
I said how I hate when CEOs over promise and under deliver, and he emphasized that they try to be as conservative as possible. To look at past PRs of Nemus and other companies. People have wanted him to boast more, but doesn't want to under deliver.
Last topic was the opiate crisis. They have shown to have the same analgesic effect as morphine in animal studies. They were able to ween them off oxy to their CBD analog, and off the CBD analog with little to no withdrawal symptoms.
Take everything I said with a grain of salt. It was an 80 minute conversation, and I was out of my league with the scientific information. I may have misquoted, mis-paraphrased things.
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