Thanks @RMKD for drawing my attention to this one, it looks interesting and I plan on doing a lot more research.

Noting that they have $7m cash and the trials for the drugs they are developing are much smaller and cheaper than a standard P2 or P3 trial, do you expect a capital raise in the next 6 months? I do just at first glance, they would be wise to take advantage of the price bump and I suspect that institutions/sophisticated investors are waiting on tomorrows information before committing, so a cap raise could be very soon (probably not January due to a lot of people being away).

Also I noted that 25% of the PRV proceeds will go to the original owners of Galidesivir, this still leaves more than the current market cap, but given the risks of the study and possibility of not receiving the PRV (even if small), the market is probably not too far out with it's risk adjusted pricing of the company. Note also the US$2m in milestone payments that will also need to be made pre-revenue and the current A$7m cash is not going to carry them through to revenue.

It's on my watch and research list now - thanks.

I agree a raise is most likely. There looks to be a tiny chance they could just get through without? Would be nice! Look forward to finding out more tomorrow. Or Monday maybe.

Looks like we need to continue to hurry up and wait after this mornings announcement. We were hoping on clarity from the FDA on the design of the trial but they need more time. Not completely unsurprising given the time of year with Xmas and new years.

The good news is that there is no bad news though!

Yes @RMKD , wait out.

If they are waiting for the FDA guidance prior to a capital raise, then post Australia day would be better in any case. They will get more of a response from capital markets then.

Nice to see ILA up 19% currently on the additional US Patent Granted for Galidesivir in Marburg and other filoviridae viruses. Only until 2031, does that seem a little short?

@RMKD , patents in the US are normally 20 years, however this is from the initial registration, not from the date of approval.

It is often several years between registration and approval, the initial registration of a patent sets the start date and effectively protects from this period on provided the patent is eventually issued. When a company has some IP they think is worth patenting they will start the process which both starts the clock but also starts the protection if a competitor comes in later or someone tries and copy is - they have first dibs...

So the original owner of Galidesivir would have done the initial registration in 2011. It can be time consuming and costly to get a patent approved, so the approval process (may involve a lot of back and forth or additional support requests with IP lawyers and experts) is usually not begun until later once further testing is done if resources are very constrained.

That appears to be the case here, it is later than normal, but we are talking about approval for the treatment of unusual/obscure conditions. Given the short window of patent protection they have left they should work on patent extensions to do with methods of treatment or manufacturing processes. Alternatively they may be looking to get patent extensions directly on the compound of which there are several options - Google has summary below:

Other Exclusivity Periods

While patent extensions are capped at five years, pharmaceutical companies may be eligible for different, stackable regulatory exclusivities granted by the FDA (which are distinct from patents issued by the USPTO). 

• New Chemical Entity (NCE) Exclusivity: Provides 5 years of data exclusivity for new drugs.
• Orphan Drug Exclusivity (ODE): Grants 7 years of market exclusivity for drugs treating rare diseases.
• Pediatric Exclusivity: Can add an additional six months of exclusivity to existing patents and exclusivities if the company conducts requested pediatric studies.
• GAIN Exclusivity: The Generating Antibiotic Incentives Now (GAIN) Act provides an extra five years of regulatory exclusivity for qualified infectious disease products (QIDPs), potentially resulting in a total of 10 years of exclusivity for a product that also qualifies as an NCE (5 + 5 years). 

Note that the patent approval announced on December 5 for use in treating Covid would have been registered in 2022 (ie not part of the original registration, because Covid wasn't a thing in 2011), hence it is a patent through to 2042. It was like quicker and easier to get this patent approved due to a smaller set of prior art and other checks for novelty than would have been the case for the original application.

If I find direct comments on this by the company when I do my research I will post and hopefully we will have a clearer picture on their patent strategy.

I am a little confused by the price jump today on this news, I agree it's an important step, but it should have been more of a formality than a step that changes the risk weighting. We will see over coming days if it's just a "any news that's not bad is good news" story driven temporary bump.

Thanks for the extra info on the patents there @Tom73 .

I too was a little surprised at such a positive reaction. But I’m so frequently surprised that it’s becoming unsurprising!

ILA presentation at 11am (AEST), link in: pdf

Unfortunately I am going to miss at least the first 25 minutes due to another commitment, so I hope it's recorded somewhere...

Presentation slides are now available via ASX.ILA - Draft - May 2025 US Roadshow - SDIR V4_df.pptx

Todays presentation on YouTube: Island Pharmaceuticals (ASX:ILA) Investor Webinar: COMBATTING URGENT VIRAL DISEASE THREATS

I have initiated a small position as I polish my research and thesis on the basis that there is a good chance a PRV will be received and this fully underwrites the current price without any sales.