What is holding me back is what happens to the Istesso valuation if the trials fail.Silly me for not asking at the IMC how much of the £127m valuation is based on the product in the trial and how much on the other products in the Istesso portfolio. |
The latest edition of IPO newsletter
"We’re also expecting this transaction to result in an increase from the Group’s FY23 net asset value of approximately £51m (a 70% increase), of which £37m was recognised in our HY24 results. This further evidences the appropriateness of the Group’s approach to portfolio valuation."
Looking at the SP, the market doesn't like the news. |
Have a look here - they haven't bothered with their website for ages. Hard to think IPO doesn't have an idea about the trial status when they are represented as the Chairman of the Istesso Board.My concerns are that the clinical trial lead look over 1 month before they were due to report this phase 2 and that one of their safety trials didn't have adequate data to pass QA. Maybe good reasons, but should know soon either way.Optimistically IPO could be holding on to the cash for a phase 3 and will put all my doubts to rest.https://clinicaltrials.gov/search?term=Leramistat&rank=1 |
I have had shares in this for about 5 years and have increased in the last 6 weeks.
Looking to see if I should increase again after the understandable increase in the last week.
I have been onto the Istesso website to see if they have other strings to their bow if the arthritis phase 2b trial fails and my reading from a not very satisfactory website is that none of their other projects are in clinical trials.
Is that your reading?? |
I personally prefer tender offers as well. and not just because I tend to get way more than my entitlement picked up :)
Tenders get the money out the door faster, with more of a bump to the share price. People who want to sell receive clarity on price. People who want to stay invested pick up a large NAV accretion. People who tender but then buy some of those shares back in the market post-tender provide an added boost to the share price.
It would probably have to be in the 60-70p range though. You want to make sure its above the share price post-announcement - otherwise people don't tender. But you want it low enough that you get a big NAV accretion for the other shareholders. |
Given the scale of the cash I wonder if a tender offer is preferable at say 55p? |
Difference is that if you trip up someone could take the roof from over your head,, easier to wear layers a while longer until abode secure.
IPO should buyback hand over first. |
Agreed - it wouldn't make sense to pay off the debt whilst shares are trading at c.50% of NAV. I'd liken it to not paying off your mortgage to invest in capex to reduce your energy bills at 2x returns. |
I think they might reduce debt a little but, given that they expect other realisations and aren't making brand new investments, I'd have thought they'd be looking to buy back as many shares as possible whilst the price is so low.There are risks around the drug trial results at Istessa which are due, but I'm only suggesting that they commit to a large buy back programme, not that they spend it all at once.Chrysalis have even taken on a debt facility to do exactly that. |
True. 130m or so. But I believe the first major repayment is 2027. One assumes that something in the private portfolio would be realised before then... |
Remember that IPO also has debt. The cash figures are gross not net. |
"As at 31 August 2024, IP Group had £183.7m gross cash and deposits while the Group's holdings in listed companies were £128m, which together represented approximately 76% of the Group's market capitalisation at that date."
As of today therefore...
Cash - 183.7m
Featurespace cash - 134m
Listed companies - 126m
ONT price increase vs. 31 Aug - 45m (I think)
Total --> 488.7m
Market cap at 50p is roughly 500m. I know that the market's mood re. IPO can change quickly, but that's crazy... |
 Enterprise Therapeutics Granted ‘Rare Pediatric Disease Designation’ in the US for Novel Cystic Fibrosis Investigational Therapy ETD001
26 Sep 2024
ETD001 is a novel, first in class blocker of the epithelial sodium channel (ENaC) aimed at treating people with cystic fibrosis without current effective therapies
ETD001 commenced Phase 2 clinical trials in July 2024, expected to complete in 2025
BRIGHTON, England--Enterprise Therapeutics Ltd (Enterprise), a biopharmaceutical company dedicated to the discovery and development of novel therapies to improve the lives of those suffering from respiratory disease, today announced its novel cystic fibrosis (CF) investigational therapy, ETD001, has been granted ‘rare pediatric disease designation’ (RPD) in the US by the Food and Drug Administration (FDA).1
ETD001 is a low molecular weight compound with first-in-class potential, which targets the sodium channel (ENaC) in the airway epithelium to increase the hydration and clearance of mucus. Enterprise announced dosing of the first person with cystic fibrosis (pwCF) in its Phase 2a trial of ETD001 on 23rd July 20242. The trial aims to deliver clinical proof-of-concept and to assess the safety and efficacy of ETD001 in the ~10% of pwCF with the highest unmet medical need. The study will assess lung function (FEV1) in pwCF who are either ineligible for or are not receiving CFTR modulator therapy.
The RPD designation was based on the assessment of CF as a serious or life-threatening disease, primarily affecting individuals aged from birth to 18 years.
CF is estimated to affect over 100,000 people worldwide, with an average life expectancy of only 50 years. Failed mucociliary clearance and mucus congestion in the lungs leads to cycles of infection and inflammation and an ongoing decline in lung function. Increasing fluid volume in the lung by inhibiting ENaC with ETD001 will hydrate mucus, improve clearance, reduce mucus congestion, and is expected to drive substantial improvements in lung function. ETD001 has previously demonstrated a well-tolerated profile in healthy subjects in a Phase 1 trial and has been shown to be long-acting in pre-clinical studies3.
Dr John Ford, CEO, Enterprise Therapeutics, said: “We’re delighted with the FDA’s decision and would like to thank the Office of Pediatric Therapeutics and the Office of Orphan Products Development for their consideration. As we progress though our Phase 2a trial of ETD001, this RPD designation will further support our mission to advance this novel approach for treating pwCF with the highest unmet medical need, as rapidly as possible.”
Annabella Amatulli, Head of Regulatory Affairs, commented: “We are thrilled to be granted the RPD designation by the FDA, a regulatory framework intended to encourage and accelerate innovative therapies, in recognition of the significance of our programme in addressing an unmet medical need. The RPD designation will give Enterprise access to valuable incentives and support from the FDA during the development of ETD001, including the eligibility to request a Priority Review Voucher (PRV) at the time of marketing approval.” |
SI, you've lost me there.
=========================
IUG Capital reduction process under way.
Should have some idea of the total return around 18-20/11/2024 |
Lol bamboo is smoking his dirty undies. |
Hope it's not just play.
Tender perhaps to mop up stock more quickly. |
134m more cash to play with |
SP rising above rising 50 and 200sma's.
Technically should be very positive.
If price can close above 55, recovery to 70 in sight. |
Crazy value here along with chry. |
Excellent news, well done IPO.
Excess cash is a good problem to have to solve.
A happy shareholder. |
IP Group PLC (LSE:IPO) is set to realise a 485% return on its investment into Mike Lynch-backed fraud-detection group Featurespace following an acquisition by global payment giant Visa.
Link for complete article
FTSE 250-listed IP Group will receive £134 million in cash following the acquisition, making for a bumper return from £22.9 million worth of investments over seven financing rounds.
Currently its largest shareholder, IP Group first invested in Featurespace in 2012.
Greg Smith, chief executive of IP Group, said: “Having supported Featurespace for over ten years, we are delighted with this record exit, which represents an excellent financial return for IP Group.
“Our congratulations go to Martina King, Dave Excell and the Featurespace team.
“This transaction, which follows the sales of Garrison this year and Wave Optics in 2021, further validates IP Group’s model and our expertise in identifying and supporting businesses to successful exits.”
Following British tech entrepreneur Mike Lynch’s tragic death in August, Featurespace stated: “It is a high statistical probability that Featurespace wouldn’t be a thriving technology company without Mike… Mike’s personal investment in Featurespace supported the development of an invention that has proved fundamental in the progress of AI.” |
Now the Featurespace news is public, I guess we can assume the 'closed period' [if any] is over and management should be able to announce the start of the next buyback. |
Price dropping back as people have been stuck here for sooo long! So some profit taken
Not me, nothing sold!
D |
The IUG deal is expected to be confirmed in September/October 2024, which leads to another cash payout for IPO of 20% of up to £40m.
IUG is expecting to distribute a substantial amount of the proceeds. |
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
Hot Features
Premium
