Expergen 232 and Thallion, Shigamabs.
Licensing hope for 4601 are dim.
Unless Thallion takes the risks themselve and finance a trial for 4601 in another indication, no one will.
The reason why management is not spending cash is because they are still negociating with Expergen for 232.
The history is long
Expergen licensed out 232 for nothing years ago.
Caprion at the time, took the product and did some PII - turns out it was positive.
Expergen got mad and almost sued Caprion.
Caprion became Thallion.
Thalliona and Expergen got the dispute resolved 2 years ago.
Again last year, Expergen realizing that 232 could be worth much more than what they believe sued Thallion.
Thallion brought the matter in arbitration last summer.
We are now waiting for a final and binding agreement.
Here what it will look like:
Expergen will get an equity participation in Thallion in exchange for 100% of the rights forever with no possiblity for further dispute.
The question is how big of an equity position.
5-10%
or more.
Now, market cap is 5M so the valuation is ridiculous.
Thallion isn't publishing the 232 partial results because they want to keep dilution as low as possible.
The results for skin cancer are already positive.
Months ago I posted that Shigamabs would cost around 30M to completed, we got that figure confirmed yesterday.
For 232 to finish PIIa, it will cost TLN another 10-15M
As soon as we get arbitration results, we can hope for even more SP gain.
Right now, Thallion must go throught a period where disgrunted long time shareholders will just dump the stock for no good reason. Volume will wash em out.
There are very few people accumulating the stock like I do.
At one point, more will commite and we move to cash valuation + technological value added.
Shigamabs is already a win. LFB was more concern about safety than efficacy that's why the trial protocol was modified.
If you did around, shiga toxin articles you'll find out that the science is very basic to understand.
If you are able to connect to the shiga toxin, it becomes harmless.
Shigamabs binds itself to shiga toxins.
Big question is it safe?
PI trial already demonstrate safety.