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HYG Seneca Growth Capital Vct Plc

0.00 (0.00%)
24 Jun 2024 - Closed
Delayed by 15 minutes
Seneca Growth Capital Vct Investors - HYG

Seneca Growth Capital Vct Investors - HYG

Share Name Share Symbol Market Stock Type
Seneca Growth Capital Vct Plc HYG London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 13.50 01:00:00
Open Price Low Price High Price Close Price Previous Close
13.50 13.50 13.50 13.50 13.50
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Posted at 24/6/2021 17:00 by drdre
Hi All,

Have been looking into HYG and it looks intriguing - I was attracted by the yield and the cumulative 65p or so which has been returned.

I note that they are effectively not going to look for new opps via the ords. Is HYG future performance therefore linked to performance of Arecor and Scancell moving forward?

I did read the AR and I can't see much to come from the unquoted investments - it seems only Fuel3D and Insense have any potential?

Coming from the point of view of a potential investor, I worry that the boat may have sailed here but would welcome more educated views. Mine are based on poring through the last AR. The dividends returned to date have been exceptional and my feeling is that there could be up to 50% to gain here (looking at the NAV) but it is now, in effect, a closed shop? Happy to be corrected.
Posted at 27/5/2021 09:45 by timbo003
I received my allocation notification yesterday along with other information. There was scale back on all allocations for all investors in the IPO

Existing shareholders scaled back to 60%
New investors scaled back more (depending on broker and other circumstances)
I was scaled back to 34% (I would have liked more, but cannot complain under the circumstances)

Amount raised: £20m
IPO price: 226p (market cap circa £65m)
IPO date: June 2nd
Ticker Code: AREC
Posted at 24/5/2021 14:54 by timbo003
I have now been offered the opportunity to take one of the charity pledge slots at tomorrow night's Mello Healthcare Webinar, so I thought I would go for Arecor as it will be new to most investors (so hopefully of interest) . I will mention (if I remember) that investors can take a position in Arecor before the IPO by investing in one of the Oxford Tech VCTs or Hygea VCT

My charitable pledge is for £200 if Arecor increase to 325p/share by December 31st 2021 (a 30% increase from the IPO price). I feel reasonably confident that I will need to get the cheque book out to fulfil the pledge

I am sandwiched between the presentations by Angle and Polarien, I hold both of those two, so I am looking forward to it.

The agenda is below for anyone interested, there is a 70% off discount code ( TGDisc ) for anyone who wishes to attend
Posted at 18/5/2021 22:31 by timbo003

There appears to have been some dilution during 2020, but I cannot be sure it entirely accounts for a fall from 1.3% to 1.1% ownership. During the calender year the total number of shares increased from 2,563,973 to 2,713,559 (it has since gone up to 2,778,011). It looks like this is mainly down to the exercise of options and warrants:

When doing the calulations on the effect on Hugea's NAV from these dilutions, it is also worth noting that there are £4.4m of CLNs to convert at a 10% discount to the eventual IPO price and the company is going to raise cash from new investors at the IPO, which I believe will be around £20m.
Posted at 10/7/2019 14:09 by rivaldo
A report on the Oxford Tech VCT's AGMs last month includes this section on Arecor and Immbio (thx to Tim Grattan):

"Arecor (OT2, OT3 and OT4)

Sarah Howell (CEO) gave the presentation for Arecor, see link below for slide deck:

Sarah also gave a presentation at the 2017 Oxford VCT AGMs (link to 2017 notes ), so it was interesting to learn about the progress in the last two years.

Since the 2017 the company has managed to secure funding from three new VCT/EIS institutional investors (Albion, Downing and Calculus) and they have continued with their two main business activities: 1) Formulation work for big pharma charged as fee for service (plus milestone payments/royalties if work leads to product launch) 2) In house development of improved products to treat type I diabetics.

There has been a switch in emphasis in the last two years from developing stable liquid glucagon solutions suitable for parenteral administration, to developing improved stable insulin formulations for parenteral administration, the reasons for this are entirely commercial. Arecor now have main two products in development, the first is a faster acting formulation, which avoids the time lag for onset of action which is seen with conventional formulations. The second development product is 10X more concentrated than conventional formulations (but still acts reasonably rapidly), making it suitable for administration via an insulin pump and especially suitable for children who use insulin pumps. The commercial potential for such products is estimated to be substantial, for example, Eli Lilly have successfully developed one product (Humulin) which is 5X more concentrated than standard and this commands annual sales of $1.2Bn. One direct competitor (Adocia) recently signed a deal with Lilly worth over $500m in upfront payments and milestones plus royalties, the deal eventually fell through but not before they had collected substantial milestone payments, furthermore, they have now re-licenced their product to a Chinese company in a regional deal (China only) worth $130m in milestones plus double digit royalties. Another competitor (Thermalin) recently signed a deal with Sanofi worth over $700m in milestones plus double digit royalties.

I spoke to Sarah after the meeting to ask about the status of the glucagon product, I was told that it is still going, but it is now assigned a lower priority and it is currently being funded by grants. I also asked about the technical difficulties encountered when producing the more concentrated formula for insulin. Apparently the main problem is not a solubility or viscosity issue, but one of bioavailability at the site of action and this is related to the degree of binding of the zinc at the centre of the insulin hexamer.

Immbio (OT2, OT3, OT4)

Andrea Mica gave the presentation on behalf of the company, see link to presentation slide deck below

ImmBio previously presented at the 2017 Oxford VCT AGMs (link to 2017 notes ) so this was a timely update.

Earlier this year Immbio signed a multi-million licensing deal with the largest Chinese Vaccine Pharma company, CNBGSinopharm, for co-development and commercialization in China of ImmBio’s lead product PnuBioVax which is a vaccine to treat pneumococcal infections, a major cause of mortality in the young and elderly (1.6M deaths worldwide per annum),

Current pneumococcal vaccines are relatively expensive and they are becoming less effective as different strains emerge, this problem is being exacerbated as antibiotic resistance becomes more prevalent (25% cases of all pneumonia now show antibiotic resistance).

Immbio’s vaccines (including PnuBioVax) have a novel mechanism of action: they protect against pathogens by mimicking the natural immune response to infection by utilising heat shock proteins. These vaccines should be active against all stains of the targeted pathogen (not just some) and they should be relatively cheap to produce. The lead product PnuBioVax has completed Phase I studies and preparations are underway for a Phase II study in elderly patients. Immbio are intending to raise £4.5m to fund the Phase II study, although this figure would be reduced if they sign further regional licencing deals for PnuBioVax."
Posted at 13/9/2018 08:58 by rivaldo
Good news from Arecor (current carrying value £252k):

"Biopharma Company Arecor raises £6m for revolutionary diabetes treatments

Published: Sep 12, 2018

10 September 2018 – Arecor, the UK-based biopharmaceutical formulation company, has raised £6 million from new and existing investors to develop groundbreaking pharmaceutical drugs to transform the treatment of diabetes. The fundraising was led by Calculus Capital, Albion Capital, and Downing Ventures. BioScience Managers Limited, the international healthcare investment firm, advised Downing Ventures.

Through the application of its technology platform, Arecor is creating faster working, more effective drugs that help progress the creation of the next generation of artificial pancreas systems. The Company’s ultra-rapid acting insulin and ultra-concentrated insulins more closely mimic the insulin profile and response to glucose of healthy individuals, improving health outcomes and quality of life for people living with diabetes while reducing the wider costs to health services and society.

Arecor has developed a series of differentiated and proprietary formulations of generic insulin and glucagon drugs, which are used in the regulation of blood glucose. In people with diabetes, insulin is either lacking, not enough is produced or when produced, the insulin cannot be used effectively. Arecor plans to complete a series of first-in-man clinical trials for each of its three diabetic compounds and ultimately to partner with specialist diabetes companies for late stage clinical studies and global market access. The company’s insulin and glucagon products, which are set to transform diabetes treatments, could have peak annual sales of between $200 million and $1 billion each.

Posted at 14/4/2014 12:09 by rivaldo
Interesting Hallmarq stuff going on...

Firstly, they're expanding into the next door building as they've "become too big" for the available space:

Secondly, Foresight VCT4 have sold their stake to a VC and other existing investors:

Good news all round methinks. Foresight have made a nice profit, whilst existing investors have topped up:

"Fri Apr 11 10:26:20 BST 2014

Foresight 4 VCT sells stake in Hallmarq Veterinary Imaging Limited to Catamaran Ventures (UK) Limited

Foresight Group is pleased to announce the sale of Foresight 4 VCT "C Shares" entire shareholding in Hallmarq Veterinary Imaging Limited to Catamaran Ventures (UK) Limited and a number of existing shareholders for a consideration of £0.75 million.

The sale represents a return of 1.6x from the point that Foresight took over the mandate to manage this investment in 2011.

During the period of Foresight's involvement at Hallmarq, the business successfully grew its revenue and EBITDA as a result of increasing the number of equine scanners installed worldwide as well as developing and deploying its first PetVet scanner for small animals such as dogs and cats in the UK."
Posted at 03/10/2013 19:11 by timbo003
It was at the Scancell Investor day on Tuesday, there are a number of write ups of the event on the LSE Scancell BB, my own version of events is on the ADVFN Scancell thread

After the meeting I had a chance to chat to a few people, including: a couple of ADVFNers, Lucius (chief cheese fund manager for the Oxford VCTs), James (Chairman and fund manager at Hygea VCT) and Chris (market maker at Panmure).

The Oxford VCTs took up their allocation in the open offer, Hygea did not (for technical reasons), both Lucius and James seemed impressed with the Scancell BOD and with progress. I do not think they will be selling.

Note also that the Hygea share price (which usually tracks the Scancell share price) did not follow Scancell down yesterday, which I suspect was after all the praise that James was showering on Hallmarq (in reponse to a question from me). He was incredibly bullish on Hallmarq, but he says the problem is assigning a value, none of the current PE valuations are really appropriate.
Posted at 07/5/2013 20:51 by timbo003
Yes, thanks Rivaldo

Some of the Oxford Tech VCTs have Glide in their portfolios too, so I have a double interest in Glide. They seem to be going after realistic targets where there is a real technical problem to be solved, rather than attempting to replace needles completely (which was the hype investors heard from Powderject, remember them?)

It is the AGM tomorrow, so I will go along. It will be good to hear what they have to say about Glide and the other unquoted portfolio companies. At the meeting I will be bringing up the subject of the BOD's very generous performance incentive scheme, so it will be interesting to hear what they say about that too.
Posted at 18/10/2012 12:44 by rivaldo
Think so jonwig. Let's hope it continues.

I found some bits and pieces on other portfolio companies:

"Exosect to present latest developments in grain store bio-pesticide project at leading crop protection events Exosect will be presenting latest research findings at ABIM and CropWorld Global 2012

Winchester, UK – Exosect, a leading provider of Intelligent Pest Management solutions, today announced that it will be presenting a further update on its mycoinsecticide delivery project for insect control in grain stores at two upcoming industry events. Firstly at ABIM (Annual Biocontrol Industry Meeting) in Lucerne, Switzerland being held from 22 to 24th of October and at CropWorld Global, being held in London on 6th and 7th November.

Following the identification of a final formulation, Dr. Clare Storm, Exosect's research scientist leading the project, will be discussing the promising results of the first full scale field trials which took place this year in the UK."


"New Product Development project launch linked to £250K TSB grant win
1 Jun 2012

Glide Pharma is pleased to announce the award of a £250,000 grant from the Technology Strategy Board (TSB) to accelerate the development of the patented Glide solid delivery system.



"YFM in £3m round for ImmunoBiology
Source: UK unquote | 01 Oct 2012 |

YFM Equity Partners has contributed £900,000 as part of a £3m funding round for Cambridge-based biotech firm ImmunoBiology.

The GP invested in the firm, which it originally backed in 2000, through the British Smaller Companies VCT2 fund.

Existing investors Inventages Venture Capital Investments, Oxford VCTs and Hygea VCT also reinvested in the firm, alongside new investor Rockridge and a private individual.

The fresh capital will underpin human clinical trials for a universal meningitis vaccine.


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