Presentation at Bloom/Burton ConferenceTST's presentation to the Bloom & Burton conference is now available on the TST homepage. The 3Q financials are not yet on Sedar.com.
This changes since the last presentation I think tells us what institutional investors are most concerned about. Berendt and Olds keep modifying the pitch to address the concerns they have been getting by talking to investors. Here is what I spotted that is changed:
- Details of the restructuring, such as number of employees laid off, are now gone. No discussion of "VMC", just a reference Econiche Corp which is being sold.
- Cash runway still listed at calendar 4Q/2015. No discussion about FDA licencing fee relief.
- FDA approval could occur as early as 2Q-2016. I assume that means June 2016, not fiscal 2Q. The Apr 1, 2015 teleconference pitch said on page 3 "potential US approval in Q1/2016". Perhaps investors are challenging the Q1 aggressiveness.
- Very clear disclosure of the chronology of FDA discussions. Now calling it "transparent" disclosure of FDA discussion. (When Endo was in charge, TST couldn't say anything.) TST offers to disclose transcripts and e-mail communication with FDA to prospective investors if they sign a NDA (non-disclosure agreement). Clearly investors see the biggest risk is getting FDA approval on a clinical trial of only 129 patients.
- Appendix now contains one page of detailed stats on the adverse reactions experienced in P3a clinical trial. Clearly, investors are interested in proof of improved safety over BCG.
- Setting up meetings with US institutions/investors with assistance of IR firm.
- Non-binding partnership offers are from Pharma and Biotech firms, both public and private. No Private Equity implied any more. No reference to private placement investor interest.
- Company is clearly for sale at the right price.
- If they don't do a partnership then they will become (?) a US company to distribute to the US (are you listening, Quebec?).