AGM Sorry there is no Santa this year at the AGM. His helpers were scurrying around polishing the prototypes, but reports of Grinch stealing the golden goose may not prove true.
Money...Brian spoke of this years losses, citing Urocidin, VMC etc as ongoing expenditures that drove spending and should subside. He threw some numbers at us showing their optimism in increased revenue in the near future. Bottom line is that the burn rate is still blazing, we had $20 mill in July, probably at 15+ mill now? IMO they will need cash yet again next year unless we get milestone payment or substantial VMC revenue, wether it be Econiche or outsourced product.
Jim Rae quotes: "Looks like a lot of these shots will pay off" referring to pipeline.
"Urocidin is a winner in the fairly near future" "Urocidin post surgery is well received by Urologists"
(thank goodness for) Animal Health - growing revenue, maybe 30 mill this year? Target of 60 by 2016. Pushing hard in companion animals, Immunocidin, Oncocidin, and SinSusto ( I could use some of that latter stuff) Ongoing talks with " major players in this field" for a SINGLE partnership for all product distribution.
Food safety - VMC spring 2013 ON TARGET emphasized for GMP. Allows sales worldwide and I believe someone has said before that that will allow human vaccine production as well. XL was great for Bioniche as far as exposure, but no concrete announcemnets re gov subsidy. Both Graham and Rick mentioned calling our MP's demanding vaccination. (Sure hope that is not where we're at) 2 yrs for the improved version of Econiche (cheaper, easier to administer, better etc) Japan is the new Sweden :)
And the Elephant in the room - Urocidin -
"the trial has stopped recruiting" which is not to say they stopped the trial. Recruitment numbers are blamed on nobody wanting to get chemo instead of Urocidin. 50-50 chance they would. I suspect most, having talked to their Urologist have come to the conclusion that bladder removal was a better option than a 50-50 chance that they get stuck with chemo.
On a sidenote I would note that nobody, NOBODY amongst us here clued into the fact that recruitment was too slow for the trial to continue. Doesn't make us very smart as a group. In hindsight, it's obvious. We should strive to get this stuff right here instead of all the idiotic bickering. end
and now for the eye popping quotes re trial:
"there is light at the end of the tunnel" Monique re Urocidin. They are in talks with Endo, can't say anything, it's all ok was the message she was trying to portray
"you will be pleasantly surprised" Graham (said it twice). When someone asked him pointedly regarding the Intell article citing 3 yrs optimist 5 yrs pessimist comment re delay, he sidetalked the answer.
Takeaway: what the heck?... are we "disappointed" or are we "pleasantly going to be surprised". Different messages to media vs shareholders.
Burn bad - animal health good
we may bottom hereabouts - 30 mill revenue can't be dismissed, none of the pipeline has suffered a fatal blow or arguably suffered at all.
SP? At these prices, the 10 mill shares they just voted themselves will be faster than ever for them to get. I'm for compensation but at a capped $ otherwise there is a conflict of interest the way I see it.
We should organize and get a voice on board. Having met both Sprules and Beech, I'd nominate either one next year.
GTLA