ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

HML Henderson Mrly.

0.085
0.00 (0.00%)
Last Updated: 01:00:00
Delayed by 15 minutes
Henderson Mrly. Investors - HML

Henderson Mrly. Investors - HML

Share Name Share Symbol Market Stock Type
Henderson Mrly. HML London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 0.085 01:00:00
Open Price Low Price High Price Close Price Previous Close
0.085
more quote information »

Top Investor Posts

Top Posts
Posted at 24/3/2011 17:25 by squiresquire
Does anyone ahve any phone number to ring as I think we should keep up pressure to do something, the when we have all info I think we should get onto birmingham post again to let them look further into it all. Also we should get a group complaint together to get as much problem for the board as we possibly can or they will go on to suck in other investors possibly.
Posted at 18/11/2010 10:01 by 3doogle
The application for patent protection would have been submitted months ago prior to confirmation. The 'you know who' have the bought the patent rights ( nice and cheap ) from HML and will now go on to pocket any returns from the property rights of any successful outsourcing of vaccines of which the private investors originally contributed their hard earned.

Hope one day to meet this pair to discuss the situation.

3d
Posted at 26/9/2010 00:40 by bookiebuster
I wouldn't say the market is about "tricking investors" although can see where you're coming from. Instead I would argue the AIM is a 'tug of war' where companies seek to take advantage of investors (both PIs and IIs) to generate funds and on the other end of the rope investors seek to take advantage of a company's share price to generate trading profits

HML directors have all the rope now so clearly won this time. PIs need to pick themselves up dust themselves off and move on. Instead of berating directors maybe we should be applauding their victory? Respect the fact they stayed afloat for a long time on very little substance
Posted at 25/9/2010 23:14 by pwhite73
HML had a failed business model. The products may have worked but nobody wanted them because there were probably better products on the market or HML were simply asking too much.

But the real money HML sought was not from deals but from private investors like yourselves buying their ever discounted shares in the hope one day they would strike a genuine multi-million dollar deal. But that is what the AIM game is all about 'tricking investors'.

With credit markets dried up and savage cutbacks in research and development spending HML has reached the end of the line. I'm not quite sure why you guys have set up a private BB or what is it you are trying to achieve.

The administrators appointed would be specialists in this area. If they thought they could flog any of the IPs for £1 million do you really think they would be selling them back to AP and IP for a paltry £105K.

HML is gone and so should be all of you.
Posted at 24/9/2010 02:13 by pwhite73
Just read through four hundred plus posts and there are one or two facts you guys need to get straight.

1. The only crime AK and IP are guilty of is promoting a failed business model to gullible and somewhat naive private investors. But that's hardly the stuff of a full FSA investigation or a high court trial. Indeed to a great extent that is exactly what the AIM is all about.

2. When it became clear to AK and IP that they could not wring a single drop more from the markets they moved swiftly and stealthfully to protect their own personal investments. Again hardly the stuff the SFO would get involved in.

In my humble opinion the real culprits of private investor losses are the very ones on this thread that are now screaming foul the loudest. Respected posters like Mercier et Camier, Tiltonboy and Mike111D had been warning you guys for years that the whole company was a sham and your hard earned cash was their only ever real source of income.

So where to from here.

There is absolutely nothing you can do. Administrators have been appointed and the assets sold back to AP and IP. Even at £105K HML is still well overvalued. People ask if the assets are worthless how comes AP and IP paid £105K for the company. Don't get your handkerchiefs out now but you have to remember HML represents 10 years of their lives. They are far more attached personally to the company than most of you might care to imagine.

There is something else extremely important you should all bare in mind. The administrators are appointed by the High Court. The first job of the administrators is to report any suspected foul play back to the High Court. The fact they have not done so means you have absolutely no chance of proving such foul play ever took place. Your only option is to mount a legal challenge yourselves. But unless you're all prepared to put a six figure sum into a fighting kitty you can rule that path out.

All have lost here the directors as well as the shareholders. There are no winners. To suggest that AP and IP deliberately engineered the company into administration is the type claptrap akin to talk of million dollar royalty payments. AP and IP wanted HML to become a FTSE100 company. The administration action only started when the game was over.

The only lesson you can walk away with here is to listen to all views. As much as we all love to read positive views on a stock we are holding it is only the negative views that are of any real importance.
Posted at 17/8/2010 07:41 by esticfartdidiotes
I remember the days when thefruits used to rebuke posters who posted negative sentiments. How times change!

And now that they have, I will stick my oar in.

It seems to me that the long-term investors in Henderson Morley are amongst the very worst investors in the world. Your years of talk of averaging down - a stupid and illogical strategy, clear evidence of incredibly bad thinking - has only had the effect of digging yourselves deeper and deeper into your hole. Continuing invested in HML, and getting more and more heavily invested in it, is clearly a sign of obsessive behaviour when there were always so many other great investment opportunities out there. You chose to keep your money tied up in one of the world's worst run companies rather than having to suffer the supposed humiliation of having to accept a loss, and in doing so you overlooked dozens of companies which have gone from rags to riches in the meantime, taking many a wiser investor with them.

HML was one of my first investments, probably persuaded by the arguments on these BB's. I lost a lot of money in this company but when I saw that almost all the regular contributors were in denial, I quickly decided to cut my losses and run, and with that little that I took away from this train wreck I went forth and multiplied. Now I reckon I could buy a million shares in this company just from my piggy bank (not that I would be so stupid as to trip over the same stone twice). Really, all of you who still hang around these parts in hope deserve all that you have coming to you. It will be a very expensive lesson to many, but, who knows, maybe it will do you all the world of good in the end.

So, thefruits, have I said enough to get myself moderated? Or perhaps the truth is that you agree with every word that I have said.
Posted at 11/8/2010 19:58 by tonyhicken
VectorVest Stock Analysis of Henderson Morley Plc as of 10/08/2010




Summary Analysis

HML.L is overvalued compared to its Price of 0.11GBX per share, has below average safety, and is currently rated a Sell.

Graphs

Henderson Morley Plc


Drug (Biomedical\\Genetic)





Detailed Analysis


Company Information

Business: Henderson Morley Plc, (HML.L) Henderson Morley Plc, a biotechnology company, develops anti-viral drugs and vaccines, and biological products for the pharmaceutical industry primarily in the United Kingdom. The company's pipeline of products include clinical and pre-clinical candidates for various diseases comprising skin warts; verrucae, such as warts on the feet and toes; herpes simplex infections of the mouth, genitalia, and eyes; adenovirus infection of the eyes; and orphan diseases, such as recurrent respiratory papillomatosis. Its product portfolio for animal health includes treatments for feline herpes in cats; vaccine under development for KHV; immunotherapies for canine cancers in dogs; and adjuvants for fish vaccines. The company also develops various vaccine programs targeted at viruses, such as herpes simplex, cytomegalovirus, and epstein barr virus. In addition, it is developing laboratory reagents using marker viruses, vaccine adjuvants, and in-vitro reagents. The company was founded in 1996 and is headquartered in Birmingham, the United Kingdom.

Capital Appreciation

Value: Value is a measure of a stock's current worth. HML.L has a current Value of 0.03GBX per share. Therefore, it is overvalued compared to its Price of 0.11GBX per share. Value is computed from forecasted earnings per share, forecasted earnings growth, profitability, interest, and inflation rates. Value increases when earnings, earnings growth rate and profitability increase, and when interest and inflation rates decrease. VectorVest advocates the purchase of undervalued stocks. At some point in time, a stock's Price and Value always will converge.

RV (Relative Value): RV is an indicator of long-term price appreciation potential. HML.L has an RV of 0.29, which is very poor on a scale of 0.00 to 2.00. This indicator is far superior to a simple comparison of Price and Value because it is computed from an analysis of projected price appreciation three years out, AAA Corporate Bond Rates, and risk. RV solves the riddle of whether it is preferable to buy High growth, High P/E stocks, or Low growth, Low P/E stocks. VectorVest favors the purchase of stocks with RV ratings above 1.00.



RS (Relative Safety): RS is an indicator of risk. HML.L has an RS rating of 0.53, which is poor on a scale of 0.00 to 2.00. RS is computed from an analysis of the consistency and predictability of a company's financial performance, debt to equity ratio, sales volume, business longevity, price volatility and other factors. A stock with an RS rating greater than 1.00 is safer and more predictable than the average stock in the VectorVest database. VectorVest favors the purchase of stocks of companies with consistent, predictable financial performance.

RT (Relative Timing): RT is a fast, smart, accurate indicator of a stock's price trend. HML.L has a Relative Timing rating of 0.40, which is very poor on a scale of 0.00 to 2.00. RT is computed from an analysis of the direction, magnitude, and dynamics of a stock's price movements over one day, one week, one quarter and one year time periods. Once a stock's price has established a strong trend, it is expected to continue in that trend for the short-term. If a trend dissipates, RT will gravitate toward 1.00. RT will explode from bottoms, dive from tops, and reflect changes in price momentum. VectorVest favors the purchase of stocks with RT ratings above 1.00.

VST (VST-Vector): VST is the master indicator for ranking every stock in the VectorVest database. HML.L has a VST rating of 0.42, which is very poor on a scale of 0.00 to 2.00. VST is computed from the square root of a weighted sum of the squares of RV, RS, and RT. Stocks with the highest VST ratings have the best combinations of Value, Safety and Timing. These are the stocks to own for above average, long-term capital appreciation. VectorVest advocates the purchase of safe, undervalued stocks rising in price.

Recommendation (REC): VectorVest gives a Buy, Sell, Hold recommendation on every stock, every day. HML.L has a Sell recommendation. REC reflects the cumulative effect of all the VectorVest parameters working together. These parameters are designed to help investors buy safe, undervalued stocks rising in price. They also help investors avoid or sell risky, overvalued stocks falling in price. VectorVest recommends that investors buy high VST-Vector, Buy-rated stocks in rising markets.












Stop (Stop-Price): Stop is an indicator of when to sell a long position or cover a short position. HML.L has a Stop of 0.13GBX per share. This is 0.02 above HML.L's current closing Price. A stock's Stop is computed from a 13 week moving average of its closing prices, and is fine-tuned according to the stock's fundamentals. High RV, high RS stocks have lower Stops, and low RV, low RS stocks have higher Stops. In the VectorVest system, a stock gets a 'B' or 'H' recommendation if its Price is above its Stop and an 'S' recommendation if its Price is below its Stop.

GRT (Earnings Growth Rate): GRT reflects a company's one to three year forecasted earnings growth rate in percent per year. HML.L has a forecasted Earnings Growth Rate of -6.00%, which VectorVest considers to be very poor. GRT is computed from historical, current and forecasted earnings data. It is updated each week for every stock in the VectorVest database. GRT often foretells a stock's future price trend. If a stock's GRT trend is upward, the stock's price will likely rise. If GRT is trending downward, the stock's Price will probably fall. VectorVest favors the purchase of stocks whose GRT is rising and is greater than the sum of current inflation and interest rates, as shown weekly in our investment climate report.

EPS (Earnings per Share): EPS stands for leading 12 months Earnings Per Share. HML.L has a forecasted EPS of 0.00GBX per share. VectorVest determines this forecast from a combination of recent earnings performance and traditional fiscal and/or calendar year earnings forecasts.

P/E (Price to Earnings Ratio): P/E is a popular measure of stock valuation which shows the dollars required to buy one dollar of earnings. HML.L has a P/E of -0.62. This ratio may be deemed to be high or low depending upon your frame of reference. The average P/E of all the stocks in the VectorVest database is 28.41. P/E is computed daily using the formula: P/E = Price/EPS.

EY (Earnings Yield): EY reflects earnings per share as a percent of Price. EY is related to P/E via the formula, EY = 100 / (P/E), and may be used in place of P/E as a measure of valuation. EY has the advantages that it is always determinate and can reflect negative earnings. HML.L has an EY of -99.00 percent. This is below the current average of 3.52% for all the stocks in the VectorVest database. EY equals 100 x (EPS/Price).

GPE (Growth to P/E Ratio): GPE is another popular measure of stock valuation. It compares earnings growth rate to P/E ratio. HML.L has a GPE rating of -9.72. High growth stocks are believed to be able to justify high P/E ratios. A stock is commonly considered to be undervalued when GPE is greater than 1.00 and overvalued when GPE is below 1.00. Unfortunately, this rule of thumb does not take into account the effect of interest rates on P/E ratios. The operative GPE ratio of 1.00 is valid when and only when interest rates equal 10%. With long-term interest rates currently at 6.50%, the operative GPE ratio is 0.42. Therefore, HML.L may be considered to be overvalued.

Dividend Information

DIV (Dividend): VectorVest reports annual, regular, cash dividends as indicated by the most recent payments. Special distributions, one-time payments, stock dividends, etc., are not generally included in DIV. HML.L does not pay a dividend.

DY (Dividend Yield): DY reflects dividend per share as a percent of Price. HML.L does not pay a dividend, so it does not have a Dividend Yield rating. . DY equals 100 x (DIV/Price). It is useful to compare DY with EY. If DY is not significantly lower than EY, the dividend payment may be in jeopardy.

DS (Dividend Safety): DS is an indicator of the assurance that regular cash dividends will be declared and paid at current or at higher rates for the foreseeable future. HML.L does not pay a dividend, so it does not have a Dividend Safety rating . Stocks with DS values above 75 typically have RS values well above 1.00 and EY levels that are much higher than DY.


DG (Dividend Growth Rate): Dividend Growth is a subtle yet important indicator of a company's financial performance. It also provides some insight into the board's outlook on the company's ability to increase earnings. HML.L does not pay a dividend, so it does not have a Dividend Growth rating .

YSG (YSG-Vector): YSG is an indicator which combines DIV, DY and DG into a single value, and allows direct comparison of all dividend-paying stocks in the database. HML.L does not pay a dividend, so it does not have a YSG rating . Stocks with the highest YSG values have the best combinations of Dividend Yield, Safety and Growth. These are the stocks to buy for above average current income and long-term growth.

Price-Volume Data

Price: HML.L closed on 8/10/2010 at 0.11GBX per share

Open: HML.L opened trading at a price of 0.10GBX per share on 8/10/2010.

High: HML.L traded at a High price of 0.11GBX per share on 8/10/2010.

Low: HML.L traded at a Low price of 0.10GBX per share on 8/10/2010

Close: HML.L closed trading at price 0.11GBX per share on 8/10/2010. (Close is also called Price in the VectorVest system)

Range: Range reflects the difference between the High and Low prices for the day. HML.L traded with a range of 0.00GBX per share on 8/10/2010.

GBXChange: HML.L closed unchanged from the prior day's closing Price.

%PRC: HML.L's Price changed 5.00% from the prior day's closing price.

Volume: HML.L traded 2,880,023 shares on 8/10/2010.

AvgVol: AvgVol is the 50 day moving average of daily volume as computed by VectorVest. HML.L has an AvgVol of 3,285,900 shares traded per day.

%Vol: %Vol reflects the percent change in today's trading volume as compared to the AvgVol. %Vol equals ((Volume - AvgVol) / AvgVol ) * 100. HML.L had a %Vol of -12.35% on 8/10/2010

CI (Comfort Index): CI is an indicator which reflects a stock's ability to resist severe and/or lengthy price declines. HML.L has a CI rating of 0.32, which is very poor on a scale of 0.00 to 2.00. CI is quite different from RS in that it is based solely upon a stock's long-term price history. VectorVest advocates the purchase of high CI stocks.

Sales / Market Capitalization Information

Sales: HML.L has annual sales of GBX

Sales Growth: Sales Growth is the Sales Growth Rate in percent over the last 12 months. HML.L has a Sales Growth of -95.00% per year. This is very poor. Sales Growth is updated each week for every stock. It is often useful to compare Sales Growth to Earnings Growth to gain an insight into a company's operations.

Sales Per Share (SPS): HML.L has annual sales of 0.00GBX per share. SPS can be used as a measure of valuation when comparing stocks within an Industry Group.

Price to Sales Ratio (P/S): HML.L has a P/S of 35.90. This ratio is also used as a measure of valuation. Here, too, it is useful when comparing stocks within an Industry Group.

Shares: HML.L has 1,401,000,000 shares of stock outstanding.

Market Capitalization: HML.L has a Market Capitalization of 1,000,000GBX. Market Capitalization is calculated by multiplying price times shares outstanding.

Business Sector: HML.L has been assigned to the Drug Business Sector. VectorVest classifies stocks into over 200 Industry Groups and 40 Business Sectors.
Industry Group: HML.L has been assigned to the Drug (Biomedical\\Genetic) Industry Group. VectorVest classifies stocks into over 200 Industry Groups and 40 Business Sectors.







For another stock analysis, please click here.

--------------------------------------------------------------------------------

Please do not reply to this email. For answers to your questions, please call 1-888-658-7638, or email us at support@vectorvest.com.

--------------------------------------------------------------------------------

Copyright 2008 by VectorVest, Inc. All Rights Reserved.
20472 Chartwell Center Drive, Cornelius NC 28031
For additional information, call 1-888-658-7638, e-mail to support@vectorvest.com,
or visit our internet site at

--------------------------------------------------------------------------------

DISCLAIMER: VectorVest is licensed by VectorVest, Inc., and is protected by United States copyright laws and international treaty provisions. The information contained herein is for your exclusive, personal use only. You may print a single copy of any stock analysis for your exclusive use, but it is not to be reproduced for distribution without the expressed written consent of VectorVest, Inc. You should be aware of the risks involved in stock investing, and you use the material contained herein at your own risk. This material is believed to be reliable, but neither VectorVest, Inc., nor any of its suppliers guarantee its accuracy or validity, nor are they responsible for any errors or omissions which may have occurred. The analysis, ratings, and/or recommendations made by VectorVest, and/or any of its suppliers do not provide, imply, or otherwise constitute a guarantee of performance.

VectorVest is comprised of reports embodying a unique system of stock analysis. All contents and recommendations are based on data and sources believed to be reliable, but accuracy and completeness cannot be guaranteed. Users should be aware of the risks involved in stock investments. It should not be assumed that future results will be profitable or will equal past performance, real, indicated or implied. VectorVest and/or its principals may purchase or sell any of the securities cited herein. VectorVest and the logostyle, geometric design are, individually and collectively, service marks owned by VectorVest, Inc. VectorVest is published daily by VectorVest, Inc. 20472 Chartwell Center Drive Cornelius, NC 28031 704-895-4095


regards
Posted at 26/7/2010 14:14 by aaainvestment
Biffus2 - spot on, they haven't wanted them for months now - any quantity and they chop the price down.

One thing is for certain IMO, the price is going to move shortly, either a major movement down if they take a loan/other finance or slight (upto 100%) rise if the deal is done.

If the deal is done many investors will rush for the door upon announcement of the news (the sell on the news brigade), so the dramatic rise that is assumed will be a bit of an anti-climax.

A 100% rise may be nice for a few recent investors, but for the vast majority of investors its no more than a slight movement back to what they paid.

All IMO, DYOR
Posted at 21/6/2010 11:25 by aaainvestment
"just some nervous investors" trufflebound - you've got to be kidding, the nervous sellers went years ago.

Everyone that is still in this is either (1) has a high risk threshold, (2) has lots of money elsewhere so do dont care as its a punt or (3) are plain stupid.

Having invested quite a lot in this mess, I started off at (1) and now feel I'm edgeing towards (3), there are no shrewd investors in this.

Incidentally heres a suggestion for the activity: Some investors will be precipitating profits today and along side that some losses are required that can be offset - thats were HML excells. I expected activity ahead of the Budget particularly in the small cap shares and the MMs to mark down the shares to maximise their profits.


All IMO, DYOR.
Posted at 06/5/2010 15:23 by fordian
AK Discussion points below:

Firstly, I tried to take notes on my conversation with AK and Maxine which lasted about 45 mins. Answers are condensed and lumped by my own subjects below (I had a list of questions but the conversation jumped around). I know they'll read this so I'd like to say on behalf of the group that I appreciate them taking the time out for this.

To be clear, notes have not been taken word for word and much is from memory so I have only tried to get the gist of what AK said in most cases. Maxine was listening in and is the first point of contact for the group in future. First point is that I wasn't after market sensitive information and didn't expect to obtain any. This was more to do with explaining our concerns, clarifying other issues, and potentially having some sort of effect on progress updates as we go forward. At the start of the call AK said the usual spiel about not discussing market sensitive info. I also asked him if it was OK to publish the info discussed on the boards for the benefit of all and he was fine with this.
My first impression was that AK was OK with the PI group and happy to take on all our questions and concerns. Hopefully some of which will be taken on board in future. AK's idea of how things are and the PI group's collective idea of how things are, are obviously different and appear to be at opposite ends of the perception scale. Hopefully this little chat helps us all to meet in the middle somewhere...

These are the issues I raised with AK's response below each in turn:

1. News-flow/Lack of communication – delays and missing deadlines = loss of confidence. Explained that many PIs feel as if taken for granted and not properly informed of progress/lack of progress/failure. Lots of comments about 'potential' but nothing has materialised so far. I didn't specifically ask him to 'justify his wages' on this occasion as a couple of people requested...

AK – Not possible to explain everything in an RNS and there are limits to what can be said (i.e. not most of the stuff we discussed as it is non-specific and not material etc etc). People shouldn't assume that progress is faltering/halted due to lack of RNS. I mentioned that PIs were worried by the lack of mention of SPAH ever since the results of the study came out and AK responded saying that SPAH have the results and are continuing to assess them. Apparently the trouble with mentioning SPAH or any other company/partner in an RNS is that you have to have their permission before doing so, and which took around 10 weeks last time round.

AK said that anything material to the company is reported as soon as they know about it. He mentioned that the BBs are scanned and Maxine occasionally provides extracts of posts, if appropriate/interesting.
AK also thinks that investors should hopefully have the intelligence to realise that some RNS' supersede some previous RNS, e.g. former ICVT license deals with Cutanea etc now superseded with the news of the proposed sale to KMS (and so you really are unlikely to get any more news on the old deals as they haven't worked out). Personally, I realise this but I should say that some of the questions people asked me to ask him were related to exactly this, or people even asked me to ask him things which have actually been mentioned in a previous RNS. I probably don't need to state the obvious but some investors either appear to have very short memories or have invested their cash without fully researching the company first.

AK is very keen to meet people and face questions at the AGM. Please attend! This came up in conversation a few times.

After I mentioned that some investors were upset at being ignored by AK i.e. not returning calls etc, he said the board have been keeping individuals at arm's length as many inadvertently upset other investors by causing them to think that they have personal connections or a direct line of communication with the company.

2. Deadlines – They keep missing them...e.g. grant news, results from third parties...

AK - Deadlines are provided with the best intent and for a variety of reasons, usually as they think it is a realistic target but also stated because they have to satisfy various other parties and stock market regs. Target dates are usually provided by third parties and PIs should not be concerned if HML run past them. They are still busy apparently and as already mentioned at some point in the past, biotech is a 'slow burn'. I mentioned that it doesn't look great if the company runs past a deadline without giving any update but AK seems to think that PIs are being slightly demanding and will always be if they don't hear the news they want, when they want it.

3. Dilution: PIs are pretty sick of the dilution and I asked what will happen down the line when the ICVT funds run out a year or so down the line.

AK - Who knows what's going to happen in next 1.5 years was the answer in a nutshell. AK said he has suffered as much as, if not more than anyone else, having invested close to a million £ (I think he said this) so far. We all know the market cap currently. I mentioned that part of the reason the very loyal PIs are still invested is because the directors themselves are so heavily invested. However, many including myself have seen investments decimated by up to something like 90% and a number of PIs are very bitter indeed. Additional dilution would not be appreciated.

R&D stuff

4. KHV – This is definitely still ongoing. Don't panic. SPAH are big yet slow moving. I mentioned above that 1 reason SPAH are not mentioned in every RNS is due to problems with getting them to sign off the release. SPAH merger is probably slowing down the process.

5. Feline HV – The trial is being reconfigured and re-run or something along those lines. They now have to start recruiting cats again. The first trial involved confined cats (e.g. in a cattery or similar) being given 6 sets of eye drops a day which turned out not to be practical, even in an easily controlled environment. Once the cats are recruited again, then HML have to prove the tech first before partners (who are still interested) are willing to invest and license the drugs. It may be a case of first mover advantage (as no competitors) for the licensee but HML also have to show there is a worthwhile market/provide proof it works.

6. Eel vaccine – As mentioned and in the public domain already, despite saying that there would be, there is no income from the eel vaccine so far. There was a massive drop in eel numbers recently which seriously affected the market.

7. Ophthalmic – A couple of people asked me to query why Dr Sharma was taken on at a time of financial stress. The answer is that he is on the scientific advisory board and therefore receives no payment.

8. Researchers – After comments about staff with other jobs (i.e. not being dedicated to the company etc) from some people, I asked if HML's research team included specialists who work on other things as well i.e. have other jobs in hospitals etc. AK said that this was proof that PIs do not fully understand the company as all researchers are full time dedicated staff.

9. Preps/L Particles/CMV/Flue/EBV – Deadlines missed for results etc – AK says the vaccine tech is unique, difficult and they are learning to use/manipulate it before anyone else which takes time. The researches have to experiment with it using cells or tissues in-vitro and in-vivo which again takes time and they have to replicate results before passing it onto third parties/partners. Many of the partners are big and well funded and also difficult to initially bring on board. For the same reason, if those partners are slow to report results then there is little you can do but wait as you don't want to lose them. However, if they succeed and their vaccine incorporates HML tech, then they will carry you forward and probably take the financial burden. E.g. the flue adjuvant funded by the US gov (NIH).

CMV is ongoing, as is EBV. I asked if the CMV was a dead programme now the grant had failed but it doesn't sound like it is. Timelines for results are provided by the other party.

10. General

I also asked if HML were juggling too many balls at the moment as progress is slow and AK responded saying that once they sell ICVT they can focus on the vaccine stuff. The animal disease stuff was a good spin off and one which will be divested once they get the chance.

Overall it was a good conversation, with little spin from AK. However, he is still to do a cash generative deal. I don't know for sure but I suspect the deadline for the KMS deal may be a close run thing (but is likely to happen eventually).

Draw your own conclusions...

Your Recent History

Delayed Upgrade Clock