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They held the EGM today. As usual (and I love this) David Williams (the Chair) made a few points and then opened it up to some questions.
Here are some notes I took:
Some observations:
What did others think?
To quote Paul Keating, "it was the [capital raise] we had to have".
Presentation:
https://www.inoviq.com/site/showdownloaddoc.aspx?AnnounceGuid=3d041112-e91d-4fd1-8882-2db8921f2c4f
Offer Documents:
https://www.inoviq.com/site/showdownloaddoc.aspx?AnnounceGuid=89fdc72a-c518-4b33-b03b-2b2639804138
Random annoucement regarding NEURO-NET™ technology that can isolate brain-derived exosomes in Alzheimer’s Disease
https://www.inoviq.com/site/showdownloaddoc.aspx?AnnounceGuid=482a4a6d-cd16-4863-b015-ee6cd034d0f1
So the Cap Raise summary:
Some other points to note:
I have scanned the other docs...nothing stood out as different to what i remember.
Will I particpate in the SPP?
Probably no....I took a big swing at IIQ a while ago. I am currently down about 50%. I'm happy with the amount I currently hold. Even though I will be diluted.
I believe in the tech that IIQ has...but i am really starting to question the management team...and David Williams.
So IIQ are annoucing that they have developed a theraputic that uses their exosome technology to isolate and kill 75% of breast cancer cells. And they will continue to refine to make it more effective.
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02813276-3A643581
But I am confused. This was already mentioned in Slide 14 of the April 2024 Investor Update?
https://www.inoviq.com/site/pdf/6e5c1044-23c2-4388-b0ed-7bbbe1660dbf/INOVIQ-Investor-Update.pdf
Don't get me wrong....i think this is a great potential product. But what is new in this annoucement?
Some other thoughts:
I thought with David on board now....we would get these annoucements made more commercial/easier to sell to the market. Hopefully this will improve soon.
I think the team at IIQ are doing a great job with the science. But I do think they need to hire a commercial guy to help Leearne. Take the commercial pressure off her, and let her focus on the science team. I don't think we can expect David Williams (the Chair) to be able to do this heavy lifting. He has many other board roles and his day-to-day job in M&A as well.
Come one IIQ - Hire someone to help Leearne.
IIQ released their SubB2M Overian Cancer Blood Test - Results from Validation.
The results were good. Bascially the same as the current test available to patients.
BUT.....the part of the news that seems to be missing....this is a test that uses a blood test and not an invasive test by taking a tissue smaple from the overies. Remember this is a monitoring test. So the patient will have already be diaognised with Overian Cancer. And these tests are to monitor for reoccurance. Imagine have a sample taken every 6-12 months with an invasive sample taken from the overy? So this blood test will be massive for all these patients.
AND....we had similar lower results at this stage of the validation process for the SubB2M Breast Cancer test. IIQ were able to refine the test to improve the results.
The market seems to have not liked this result. And I don't think IIQ have marketed this result very well. k
Still a believer in IIQ...but they are frustrating sometimes. We need a big instiution to start buying or take a large stake. Also the way David has written his slide deck....feels like he is pitching towards a big pharma perhaps acquiring IIQ. I would almost be happy if they bought us at about $2-3. Because it is going to take years to scale, even with the great technology IIQ has....
IIQ released their slides for tomorrow's presentation (18 April 2024 at 11am).
https://www.inoviq.com/site/pdf/6e5c1044-23c2-4388-b0ed-7bbbe1660dbf/INOVIQ-Investor-Update.pdf
I don't see much new news. BUT
Reading between the lines/slides.....i def think they have been using this slide pack to present to institutions for the impending capital raise.
The following slides are new:
Slide 3 - This is their "Snap shot" slide up front. For the boss to look at in a fund before signing off.
Slide 5 - This explains the IIQ journey....very typical when explaining to and institution that has no background knowledge.
Slide 26 & 27 - Shows to the institution how similar deals have played out (Therapeutic and diagnostic).
So things are def happening in the background.
I have also sent an email to David Williams with some questions I was hoping he could answer during the webinar (note the numbering I sent him was correct...the copy and paste below has lost the number order):
For those interested, here is the link to the Investor Webinar for IIQ.
Thursday, 18 April 2024 Time: 11:00 AM AEST
Registration: https://us06web.zoom.us/webinar/register/WN_f-EiRW0GSNi1L5V4GgSCjw
IIQ just released an ASX Annoucement regarding a deal they have signed with Promega in USA to distribute and sell their Exo-Net product. See link here:
Some points to note:
I took some notes from the interview as follows:
I spoke with Strawman after via emails. And we both think David got a bit sidetracked in the IIQ part of the chat.
I think if you are new to IIQ, I don't think David sold it particularly well. Also if you are doing research on IIQ, their website is terrible and does not explain their technology, apporach to market or the scale of the opportunity.
I would suggest it is best to look at some of their recent presentations like:
Also the interview with Alan Kohler is a little old now, but gives some good background (note they were called BARD1 previously BD1):
LINK TO INTERVIEW WITH ALAN KOHLER
Things to look out for in the near future with IIQ:
I'm hoping that 2024 is the year that IIQ can start to get some sales and build market share. I think of IIQ today, like PNV was about 6-8 years ago (not sure of the exact time frame). But it is early days....with a lot of promise. There are a lot of potential competitors....but when i cut through all their marketing BS....IIQ is def in a better position with better technology and more advanced.
Cheers
John (aka Parko)
As expected....good news:
"In a 2023 clinical validation study (n=483), INOVIQ’s SubB2M/CA15-3 test detected over 80% of breast cancers across all stages with 93% specificity. The recently completed monitoring study showed INOVIQ’s test detected breast cancer across key cancer subtypes, correctly identified 19% more breast cancers than a leading approved test and was effective for monitoring breast cancer. The Company intends to use these results to attract a partner to speed up the commercialisation of the test. "
Nice bump in SP. Still a long way to go. But loads more cancer detection product study results coming up (overian cancer detection up soon). And theraputics using exosomes. Alot to like about IIQ.
I think after the overian news, David Williams will do a cap raise to accelerate commercialisation (like he allueded to in the AGM). No idea how large...maybe $20m?
If you want a 'new PNV' IIQ may be worth researching. Happy to answer any questions.
John
https://www.inoviq.com/site/pdf/3c43cb86-8d99-4414-8fcf-ab258ecacee0/Appendix-4C-and-Quarterly-Activities-Report-December-2023.pdf
I was annoyed that the SubB2M Breast final results were not announced as promised by the end of 2023. But they have explained why in the latest Quarterly.
"The monitoring study is being undertaken at contract research organisation ResearchDx and was expected to complete in December 2023. Supplier logistics issues and the holiday period delayed study completion with INOVIQ now expecting to finalise data analysis and report results in February 2024."
Sh!t happens. But i find that in biotech, scientists just cannot meet timelines. I know that science is not linear etc. But it still annoys me. These guys have, i would have throught, a pretty easy job just to verify etc. So the schedule to complete should be fairly predictable.
Anyway....the rest of the Quartelry is pretty much the same as the AGM.
But this caught my eye:
"Exosome therapeutics During the quarter, INOVIQ commenced its in-house exosome therapeutics program including preparing data for its EXO-ACE technology for therapeutic exosome isolation, gaining its Office of the Gene Technology Regulator (OGTR) license to enable engineering of exosome-producing cell lines to target and treat cancer, and performing initial in vitro studies to evaluate the efficacy of engineered exosomes in breast cancer. Initial data showed over 75% killing activity of engineered exosomes to kill breast cancer cells."
Wow! This is a really new potential product line (only announced at the AGM). And i'm not sure that 75% is that great. But i'm sure they can refine it and make it better. But Exosomes are the future....and IIQ seem to be leading the field.
Cheers
Parko
So i listened to the IIQ AGM with David WIlliams as the new incoming Chair. Here is the link:
https://www.youtube.com/watch?v=ywW_4ANdfF8
Key Points:
And there was a bunch of stuff that was not in the presentation. So some notes from the meeting are as follows:
Again...nothing moves quick in Biotech. But there has been significant forward movement in lots of their products. And very shortly we are due an annoucement regarding the SubB2M breast cancer diagnostic commercialisation. This should see a bump upwards in the SP.
Parko
Today was the AGM for IIQ. Nothing new to report except that they continue to tick all the boxes with their products.
And there is likely to be an annoucement before Xmas that their SubB2M Breast Cancer monitoring test is ready for commercialisation! I would expect a decent jump in SP. Don't forget how tightly held this stock is.
For those interested, read today's presentation. Explains it all.
https://www.inoviq.com/site/pdf/f3605511-e6dd-418a-a566-4609b65f626f/2023-AGM-CEO-Presentation.pdf
Any questions ask me and I will try to answer.
Cheers
Parko
IIQ announced that David Williiams is the new Chairman.
As most people know DW is Chairman of PNV. And in my opinion has done great things with PNV. Especially when there was a change of CEO and he stepped in for a while. Also he is great at explaining the technology and marketplace. I believe he is the second largest shareholder in IIQ (behind Merchant Fund).
This is great news. This also means we are getting close to the commercial part of the biotech process.
Cheers
Parko
Announcement from IIQ on 5 Sept 2023
This annoucement is another positive step on the exosome front. ReseachDX have been working with IIQ on their SubB2M products. So the relationship must be working well for IIQ to expand that contract to include the exosome products.
The RDX website explains what ReseachDX do and why we would want to partner with them:
https://researchdx.com/company/
"Although pharmaceutical companies have well-established pathways for drug development, none exist for the co-development of FDA-approved companion diagnostics. In order to acquire the diagnostics expertise needed, biopharma must either outsource to multiple vendors or a large diagnostic company. If they outsource to multiple vendors, they must manage a complex process that is neither flexible nor dynamic. If they outsource to a large diagnostic company, diagnostic development will be limited to the company’s existing technology, product lines, and platforms, which may not be best suited for the companion diagnostic. The choice of platform also affects deployment in the clinical laboratories that may offer the test.
The ResearchDx business model reduces an over-burdensome process by virtue of its organizational structure without competing interests and allows for consideration of emerging molecular technologies in the development process."
So this relationship means IIQ can find the best commercial platform to maximise their SubB2M and Exo-Net products.
No change in valuation for me...just another box ticked on their way to commercialisation and revenue!
Parko
PS - Would love for someone to interrogate my IIQ Bull Case Straw.
IIQ’s products can be split into three categories:
Disclosure – I took a big swing at IIQ and am currently down 50%. But I keep seeing positive steps towards IIQ fulfilling their potential and have never sold a share.
Love to hear what others think of IIQ.
Parko
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