Prelude Trust Share Discussion Threads

[rivaldo] 14/12/2006 14:22

Imagine if they put out an RNS Reach announcement about the ZBD/Fujitsu tie-up...

I despair about PDT's lack of initiative in this respect.

Darron and tiltonboy, I'd also very much like to hear your views on the Winterflood appointment (by e-mail?).

[fse] 14/12/2006 14:03

Sounds good to me especially given the fact that I (and others on this thread) felt Kiadis was one holding that might not have come good.
PDT Portfolio looks very strong.

[orange1] 14/12/2006 13:57

And here is that announcement in full:

Prelude Trust Portfolio company merger


RNS Number:9118N
Prelude Trust PLC
14 December 2006


For immediate release: 14 December 2006
PRELUDE ANNOUNCES MERGER OF PORTFOLIO COMPANY KIADIS

Kiadis B.V to merge with Celmed BioSciences Inc.

Prelude Trust plc ("Prelude"), the investment trust that specialises in early
stage, technology-based businesses, announces that portfolio company Kiadis B.V.
("Kiadis") has completed its merger with Celmed BioSciences Inc ("Celmed").
Prelude now owns 8% of the newly merged company to be called Kiadis Pharma B.V.
("Kiadis Pharma"). Kiadis Pharma will be headquartered in the Netherlands with
facilities in Canada. The terms of the merger support the valuation of Kiadis
reported at 30 September 2006.

Kiadis Pharma is fully dedicated to the in-house development of new products to
treat cancer. It currently has a number of projects in various phases of
pre-clinical and clinical development. The lead product called ATIR, has
successfully allowed some leukaemia patients, without access to a fully matched
donor, to receive a life-saving bone marrow transplantation. The product is
currently in phase I/II clinical development and if successful would open
treatment opportunities for a significant number of leukaemia patients.

Manja Bouman, current Chief Executive of Kiadis, will become CEO of the new
merged company. The new management team of Kiadis Pharma will include executives
from both companies that collectively are able to manage the discovery and
development of new cancer therapeutics.

Robert James, Partner of Esprit Capital Partners commented: "Mergers and
acquisitions are an accepted way in the biotechnology industry to accelerate
value creation and realisation in privately held companies. Through this merger
Kiadis has accelerated its own corporate development from a research company to
a research and development company. In particular, I am excited by ATIR where
clinical studies designed to prove its effectiveness are already underway.
Because ATIR is a treatment given to blood cells that have been extracted from
the body before they are given back to the patient it is hoped that the chances
of this product successfully reaching the market will be higher than for
'traditional' pharmaceutical compounds which are given directly into a patient's
body."

[tiltonboy] 14/12/2006 13:36

Darron,

Where have you been !!!

Any thoughts on the change to WINS?

A bit odd if you ask me!!!

tiltonboy

[rivaldo] 14/12/2006 09:49

So per today's RNS Winterfloods have replaced Panmure Gordon. We can probably deduce that PDT feel Panmure haven't done enough for the share price (not a difficult deduction!), but why Winterfloods - an interesting/unusual choice, no?

[bitochon] 13/12/2006 11:44

Thanks Rivaldo and FSE for your thoughts. I guess I'll remain on board for the time being. More money is usually made in the stockmarket by sitting on one's hands than by doing anything!!

[rivaldo] 12/12/2006 23:01

Hi bitochon (and FSE!). An interesting day, with some demand for the shares - there's a reason why, of which more in a second...

FSE has summed things up nicely imo. Ideally management should have wound PDT up and started PDT V2 separately. But they didn't (though £1.35p from the tender offer was a one-bagger for me, which was at least some compensation).

I will retain the balance of my holding as I feel, firstly, most of the portfolio is maturing nicely and some investees should be subject to corporate action - the management would not have signalled this in the last RNS unless something concrete was in the wind. And secondly, the new investments look pretty good to me as well as being later stage - Oxford Immunotec and Siconnect for example could be winners pretty quickly. So imho now is the time to be staying in to reap the rewards rather than selling out just before those seeds bear fruit, especially bearing in mind the large discount to NAV.

It's been a long wait, and it "could" be a much longer wait. But M-Spatial, ZBD, Oxford Immunotec, Siconnect, Polatis, Phyworks, CPS etc all look promising.

And now Kiadis are coming through - news today of successful Phase 1 trials:



"Theralux ATIR may be Feasible Strategy for Mismatched Stem Cell Transplantation

Clinical Data Presented at Annual American Society of Hematology Meeting

ORLANDO, Fla., December 12, 2006 - Kiadis Pharma B.V. (formerly Celmed BioSciences Inc.) has announced Phase I data suggesting that it's investigational Theralux(tm)-ATIR (Add-Back of T Cell for Immune Reconstitution) technology reduced the risk of acute graft-versus-host disease among blood cancer patients who received donor lymphocyte infusions (DLI) following mismatched stem cell transplantation. Data were presented during the 48th Annual Meeting and Exposition of the American Society of Hematology (ASH).

DLI can help blood cancer patients achieve sustained remission after stem cell transplantation by restoring their immune system, which helps protect them against both infection and cancer relapse. However, donor cells known as "activated alloreactive T cells" can attack the tissues and organs of the patient (host), leading to a serious condition called acute graft-versus-host disease (GvHD). Theralux(tm)-ATIR is designed to remove these harmful T cells from the donor graft while leaving T cells that help fight infection and cancer.

In an oral presentation, Denis-Claude Roy, M.D., Oncologist/Hematologist from the Stem Cell Transplantation Unit at the Maisonneuve-Rosemont Hospital in Montreal, Quebec, reported data on nine high-risk blood cancer patients who received stem cells transplanted from a "mismatched" donor (haploidentical transplantation) followed by a DLI in which activated alloreactive T cells were selectively removed with Theralux(tm)-ATIR. No patient developed acute GvHD. Only one patient had a recurrence of his leukemia. Infectious complications occurring early post-transplant responded to treatment, potentially representing a sign of early immune reconstitution. Four patients are relapse-free survivors with a median follow-up of 10 months post transplantation.

"These results suggest that post-transplant infusion of Theralux(tm)-ATIR treated cells is a feasible strategy that does not induce acute GvHD and may accelerate T cell reconstitution necessary to fight infections in these patients" said Dr. Roy. "In addition, Theralux(tm)-ATIR may represent an option for patients at higher risk for GvHD due to higher age as the mean age at the time of transplantation was 55 years (range 21-58)".

In this dose-escalation study, to date, 9 patients with haploidentical stem cell donors received DLI add-back of up to 3.2 x 10 T cells per kilogram. The endpoints of the study are safety and efficacy: incidence and severity of acute GvHD and infections. Theralux(tm)-ATIR, is based on the proprietary Theralux(tm) technology platform and designed to selectively eliminate activated alloreactive T cells responsible for acute GvHD, while sparing the T cell repertoire needed for immune reconstitution. If successful, this product could allow patients to undergo blood stem cell transplantation even if they cannot find matched donors. Additionally, this therapy could make matched blood stem cell transplantation much safer and would require less immune suppression. The success of this approach would solve a long-standing problem and represent a shift in the way blood cancers are treated.

"The promise of Theralux(tm)-ATIR was critical in the merger of Celmed BioSciences of Montreal and Kiadis", said Manja Bouman, CEO, Kiadis Pharma. "The data from this trial are very encouraging particularly when considering the age of the patients, the severity of the haematological malignancy and the available alternatives for patients without a matched donor."

Kiadis Pharma (formerly Celmed BioSciences) presented data from three different research programs, including the Phase I trial discussed above, at this year's ASH Meeting. Full titles are listed below:

Denis Claude Roy et al. "Phase I Clinical Study of Donor Lymphocyte Infusion Depleted of Alloreactive T Cells After Haplotype Mismatched Myeloablative Stem Cell Transplantion to Limit Infections and Malignant Relapse Without Causing Graft-Versus-Host Disease"

Stephan Mielke et al. "High Efficiency Clinical Scale Selective Depletion of Alloreacting T Cells Using Expanded T Lymphocytes as Antigen-Presenting Cells and a TH9402-Based Photodepletion Technique in HLA-Mismatched and Matched Donor-Recipient Pair"

NgocDiep Le et al. "Prevention of Graft Versus Host Disease by Selective Depletion of Alloreactive T Cells" "

[fse] 12/12/2006 21:09

>bit... Be interested in seeing what Rivaldo says but here's my 2p FWIW...

Prelude is a mature trust holding a substantial portfolio of companies that they have had from inception. The opportunities for disposals are now starting to stack up. These disposals will greatly enhance PDT capital position.
Timeframe wise this trust should be at a substantial premium to NAV.

But its not and thats because investors fear they will never get the money out of this and that it will be swallowed back into the company who in turn will be holding illiquid investments and so and so on ................

So the value is very much there, and the shares are stupidly cheap, and the likelehood of numerous disposals over the next few months grows daily !

The Trust ought to now be wound up and management need to start a fresh on and let this one return investors money....

[bitochon] 12/12/2006 17:39

I've just seen a mirage! Blue on PDT!

Rivaldo - I'd be interested on your thoughts. I've been in and out of PDT since 2000 with my first purchase around £1.25. I still have some at £1.75 though my average is around 85p. I've always found new technology alluring and hence PDT is by far the largest holding in my portfolio (though RCG is rapidly catching up!). Good investee companies, competent management, not a one trick pony etc. At least so it should be. Unfortunately to date management have not shown any sparks despite their apparent competence. This fund has been going for almost 10 years! Perhaps the managers are excellent technophiles but hopeless at fund management? Hang on or sell out? I'm inclined to wait a bit longer just in case the golden goose is round the corner. Your thoughts? Many thanks.

PS I'll not hold it against you if you get it wrong!

[jtjh] 12/12/2006 16:28

Probably a leak on a likely exit - we will see soon.

[hvs] 12/12/2006 15:03

Afternoon,

Birdbrain,

You seem to have lost your way mate.

[Abuse team] 12/12/2006 14:28

Post removed by ADVFN

[rivaldo] 12/12/2006 14:11

Another tick up. Hold on to your hats everyone! 150p here we come, the rocket has been launched...

Well, you never know.

[jtjh] 12/12/2006 13:40

A little bit of action in share dealing, but nothing significant bearing in mind the recent results announcement. We need to see exits soonest!!

[rivaldo] 11/12/2006 15:24

Good stuff hvs, looks like interest is coming in from elsewhere then. Perhaps news of investee successes is filtering through.

[hvs] 11/12/2006 14:21

Hi rivaldo,

Good afternoon,

No not me. Have a few already. But I have been noticing buying last week as
well. Seems like Mm,s have no excess stock and could be some good news round
the corner.

[rivaldo] 11/12/2006 14:17

Blue! My eyes must be deceiving me...is that you hvs with the 32k of buys?

The recent ZBD, M-Spatial and Kiadis news is all good. Perhaps patience will finally be rewarded.

[hvs] 06/12/2006 22:17

Its looking very good here,

I think I will top up again.

[timtom2] 06/12/2006 22:11

some ZBD search info -

[timtom2] 05/12/2006 08:19

Could be Fujitsu would license ZBD IP. Alternatively, Fujitsu may be more interested in the back office amd comms side and give-up on the display front. I can't see ZBD giving away their IP.

[fft] 05/12/2006 08:11

FSE,

is it possible that this is a trojan horse sort of deal where Fujitsu market ZBD displays until their own colour ones are ready (if at all). Even when the colour ones are ready, there would still be a market for the cheaper b/w and gray scale. i.e. they try and get the best of both worlds, and being the size they are, they probably have a lot more marketing clout than ZBD.
Did ZBD decide it was worth the risk of being sidelined at some future date ?

[fse] 04/12/2006 23:15

>rivaldo..... I am interested but confused by the ZBD and Fujitsu link up.
Fujitsu were I believed the only real competition ZBD had for ages.
They were working on their own displays,
I had heard though that Fujitsu just could not quite get up to the spec they wanted as they targetted full colour and we can all imagine what that did to the power drain.
For labelling full colour is just not necessary, in fact it probably has less impact ... less stark if you like.
But in display in your face is what you want !
If as it appears Fujitsu have thrown their lot in with ZBD, why not just buy them outright.
This is huge news .......

[rivaldo] 04/12/2006 21:54

More ZBD!



"EPOP solution set to hit the stores 04/12/2006

Display innovator ZBD and leading IT services company Fujitsu Services, have signed an agreement which will enable them to meet global commercial demand for electronic point of purchase (epop) solutions.
The epop solution enables retailers to update lcd price and product information displays wirelessly in real time, reducing overhead costs and wastage. Following successful trials with major European retailers including Tesco, Dixons and John Lewis, the shop floor solution is ready to move into commercial production and sales.
"ZBD's successful trials in the UK and across Europe have demonstrated that, by automating price and information displays, retailers are able to improve the customer shopping experience," said Bill Waterson, UK head of retail, Fujitsu Services."

[rivaldo] 04/12/2006 21:52

ZBD article:



"Display firm believes ZigBee fails power spec
by Steve Bush
Monday 4 December 2006

Malvern-based bistable LCD firm ZBD Displays has chosen a proprietary wireless protocol for its shelf-edge display system.

"The key requirement is very low power consumption. We looked at ZigBee but it was not mature and the very low power requirement was not satisfied," MD Clive Mayne told EW. "ZigBee is something that we might move towards, but it is not quite there yet."

Excessive power consumption made Wi-Fi and Bluetooth non-starters, said Mayne.

Few details of the protocol are available. "We worked with TTPCom to develop it and assembled our own team of software and electrical engineers to build-up our expertise," said Mayne whose firm previously only developed display intellectual property (IP).

The result is a self-contained display unit (pictured) complete with radio that runs for five years between battery changes.

ZBD is calling the display unit 'epop' (electronic point-of-purchase) and its wireless protocol 'bounce'.

The actual LCD, based on the firm's in-house zenithal bistable technology is QVGA (320x240) with 100dpi resolution. Being bistable, it only needs power to change the image, and not to maintain it.

Although ZBD has developed grey-scale IP, Mayne has concentrated the company's efforts on two-state monochrome with maximum contrast. "Our monochrome displays totally satisfy the market we are aiming at," he said.

To increase acceptance amongst supermarket operators, the firm has had to develop all the hardware for a complete system, including a central radio which plugs straight into a store's Ethernet network.

It has also signed-up with supermarket systems companies to recognise the existence of epops. "Instead of printing a paper label, they send a file to our displays," said Mayne.

As many foreseen applications are for delicatessen counters and other 'loose' labelling areas, the back of the epops has space for a product barcode which can be scanned to immediately connect any particular epop's unique wireless code to a particular product."