Notes from the AGM

Don’texpect anything earth shattering from this.

Just background andimpressions. Any errorsand omissions are mine.

 

I’ll leave everyoneto read the CEO presentation for the main info.

 

I’llpreface by saying that MV and the other Directors were clearly concerned aboutthe recent SP fall, particularly as it came right on the heels of a good trialresult announcement. In conversation with MV and Grant Chamberlain afterwards,their view was that it’s primarily attributable to the macro market risk-offthat is broadly affecting most biotechs.

 

MV saidthat 2019 will be the most important and productive year to date for IMM, witha raft of trial data results coming out. AIPAC 1^st PFS data (2^ndhalf 2019) very important and if strong, could see EMA (EU) approval, possiblylate 2020 – more likely early 2021.

 

Tactimeltrial data (also 2019) will be hotly anticipated. Good results putting IMM in astrong position for commercialisation discussions with partners. Competitivetension was the phrase MV used.

 

Asked aboutthe process to sales, MV stated that IMM has no intention of marketing productsthemselves. “Pharma companies are our customers”. Its’ not news, but I’d neverheard him put it so unequivocally before. In conversation later, he reiteratedthe process is to sell each product IP to the pharma on the basis ofmilestones, success and royalty. Same for anything new going forward.

 

Muchemphasis on the fact that IMM has so many partnerships with large pharmas, mostunusual for a little biotech.

 

MV relatedan anecdote about a recent survey of biotech analysts, asked which immunecheckpoint inhibitor was most important, with LAG-3 coming in 1^st.

 

Asked aboutInsto investment. MV mentioned the new instos (Ethical and Platinum) and notedthat Ethical had shed a few shares, but seemed to be positioning themselvesjust under 5%. Ridgeback very stable, having had many opportunities to sell ata profit, yet not doing so. He said they do want to see more insto involvement,but careful about the capital management process to achieve this.

 

Interestingthat there were at least a couple of insto/broker analysis in attendance.

 

Ma Panda (Ithink) asked about ASX consolidation. MV said discussions about this had beenon and off the table for some years at least and there are pros and cons. Noplan currently being considered. (My impression...I don’t think he’s keen onthe idea at all.)

 

Prettymeagre post meeting refreshments.

Tight costcontrol I guess. Save the cash for more important things.

Cheers, K.