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 think these annoucements should have a document that leads with a simple one pager that explains it to dumbies (or financial professionals). Then have all the technical detail in the back.
• All the IIQ Products have names names using numbers and abreivated terms......need to change the lot....and make it easy for above mentioned dumbies (and financial professionals).
• Slide 14 of the April 2024 Investor Update has great diagrams and graphs. Why not put that in the annoucement?

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.

https://www.inoviq.com/site/pdf/5191d88a-99a6-4c8a-b44c-de9165708ecc/Ovarian-Cancer-Test-Validation.pdf

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):

1. How did you come across IIQ (Sienna/Bard1)?
2. What is your vision for IIQ?
3. Why are the IIQ products better than the current products in the market and its competitors? 

• SubB2M
• Exo-Net
• Exosome tests
• Exosome therapeutics

1. Why can’t SubB2M be used for both screening and monitoring? The screening market for asymptomatic people is the bigger market?
2. The names for IIQs products are quite technical and confusing. Has any thought been given to a marketing strategy?
3. When will the IIQ website be updated? It seems to have not been updated in a while. And it is confusing for new potential investors.
4. Have you got the right commercial strategy for the Exo-Net product? I believe that when a researcher uses the product, they agree to IIQ having a percentage share of any exosome technology that is developed. Is this preventing its adoption in the research community?
5. What is the ‘approach to market/sales strategy’ in the diagnostic market? Do you employ sales people to visit doctors? Or is the key to get the pathology labs signed up?
6. You spoke at the Nov 2023 AGM where you were voted in as Chairman of IIQ, about the likelihood of a “large” capital raise to accelerate commercialisation. You did a similar capital raise for PNV. What learnings can you apply to IIQ?

• Focus on the USA first?
• Build sales teams or use distributors?
• Acquisitions?

1. Dr Leearne has done a great job with the scientific development of the IIQ products. But with Commercialisation being a large focus, will there be any changes in the leadership structure?

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:

https://www.inoviq.com/site/pdf/a68c1efd-2a58-45c3-b26e-048a0acb3b27/INOVIQ-and-Promega-sign-Global-EXONET-Agreement.pdf

Some points to note:

• Exo-Net is IIQ's product that extracts the exosomes from a blood sample.
• Exo-Net is the best product on the market. It is also the most scaleable and will work in any commercial lab.
• I thought it very strange that the CEO Dr Leearne Hinch was note quoted (only David Williams and the guy from Promega). Dr Leearne Hinch has been quoted in almost every other IIQ release. Does this mean there is a leadership change coming? Pure speculation......but....???
• I don't expect the revenue from selling Exo-Net to researchers to be any much. Say $200-500k a year.
• BUT - If one of those researchers creates a exosome test using Exo-Net, IIQ gets a small percentage share of the revenue from that test AND the test will have to use the Exo-Net product. So IIQ will have two revenue streams. Plus IIQ are working on their own exosome tests.

I took some notes from the interview as follows:

•  IIQ's tests could become a platform for cancer detection. And this would be "disruptive".
•  The way to market and reach researchers/interested institutions is changing. Now can use AI that searches every journal/phds for exosomes/markers etc. And send direct emails. Old way was to go to conferences.
•  Some sort of merger seems likely. But didn't go into detail
•  Stated there should be 'an uptick in sales from Jun - Dec 2024 for Exosome research isolation tool (Exo-Net). 

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:

LINK TO 2023 AGM PRESENTATION

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:

• SubB2M - Overian Cancer results. Preliminary results were amazing. These results will be from bigger sample size. The same SubB2M technology for Breast Cancer had a small decline in its effectiveness when it went from the preliminary results to the larger sample size. But still much better than anything currently on the market. So I am expecting these results to be similar to the results before. There are a bunch of other companies all striving for the same thing...but IIQ seems to be ahead or equal in terms of effectiveness and also more progressed in terms of hitting the market. Also works in an commercial lab...which makes it easier, cheaper and quicker to scale.
• Exosome cancer tests - Not sure when these are coming. But exosomes are the future of medical detection of conditions. And potentially theraputics. So any great results in this area will be massive.
• Exo-Net Revenue Sales - Today there was an annoucement INOVIQ and Promega sign Global EXO-NET Agreement . This is for the sale of the Exo-Net product. This is the best product on the market to isolate exosomes from blood samples. It is also the most scaleable product on the market. I don't expect big sales numbers. But should produce a fairly consistent revenue stream (thinking $200-500k a year). BUT - if one of these researchers, using Exo-Net, develops an exosome test, then IIQ gets a percntage share of that test.
• Capital Raise/Acquisition - Based on the Strawman interview and the 2023 AGM discussion with David Williams, there will be a capital raise soon, and I think it may involve an aquisition and money to commercialise some of the IIQ SubB2M products.
• Change in Management Team - I think there will be a change in the executive management. As IIQ moves into commercialisation, they will bring in a team to lead that type of work.

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)

Following on from DW's comments in the Strawman meeting about platforms an extension of the agreement to distribute the EXO-NET platform from IIQ. "I am impressed with Promega’s intended approach to marketing by leveraging AI to gain broader reach in presenting the benefits of scalable and efficient exosome isolation to researchers worldwide.”

Building upon last year’s successful Co-Marketing Agreement (ASX: July 6, 2023), this agreement extends the commercial relationship between INOVIQ and Promega.

The agreement grants Promega rights to market, distribute, and sell INOVIQ’s EXO-NET PanExosome Capture products, with an expected first order imminent.

The agreement is worldwide, allowing researchers and industry easy access to exosome research tools and solutions.The initial term is three years.

The companies jointly developed the high-throughput EXO-NET system and successfully delivered several scientific posters, conference presentations and webinars that received excellent feedback. Promega will use this knowledge to promote our products in market and thereby hit the ground running.

Definition: Exosomes are extracellular vesicles generated by all cells and they carry nucleic acids, proteins, lipids, and metabolites. They are mediators of near and long-distance intercellular communication in health and disease and affect various aspects of cell biology.

Link to ASZX Release

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:

• Everything tracking along with big annoucments by end of 2023 for SubB2M products (so very soon!)
• David Williams likely to do a Cap Raise and turbo charge IIQ
• New Theraputic Unit using new IIQ Tech called ExoAce. This could be massive.

And there was a bunch of stuff that was not in the presentation. So some notes from the meeting are as follows:

• David is great for IIQ. He provides IIQ with a way to communicate/market their complex technolgy into a financial/commercial language that the market likes.
• David spoke about M&A and Cap Raise. This was very interesting. He said like PNV, need to do a decent Cap Raise to have enough cash to do it properly.
• David asked...is IIQ a diagostic company or a theraputic compnay? And then what does the M&A market look like, given there could be some good opportunities to acquire.
• He spoke about how the board members contribute to management on other companies he is involved with. I think there will be some big board changes with IIQ.
• Leanne (the CEO) stated they have developed a new unit to IIQ!!! A Thereaputic unit...using a new tech called ExoAce using exosomes - This will be discussed more next year. This is HUGE. And ties in well with David's comments above regarding the type of business IIQ wants to be. Diagnotic or Theraputic or both. Exosomes obviously provide lots of information for diagostics, but to also use exosomes for transmission for theraputic outcomes is massive. So this is something to keep an eye on in 2024.
• Exosome market can be broken down into three parts. The collection of exosomes, diagnotics and theraputics. IIQ has the market leading product for collection (low cost and scalable), has multiple diagnositic using exosomes and now they have annouced a new theraputic tech they have developed. So again this is BIG news.
• She made the point that in all of their travels in the last year, nobody can match the ExoNet (the exosome capture product IIQ has in the market). The key point, is that anyone using ExoNet that develops a commercial dianostic, will have to pay a license fee to IIQ. So i think that is why it has not taken off so well to date. But as the market sees the opportunity of using ExoNet and the scaleability it provides, I think this product will start to take off in 2024. And then longer term license fee revenue!
• Other opportunites to enhance other types of cancer detection products. But IIQ will only look at this after commercialisation of their existiing products.

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

INOVIQ (ASX – IIQ) (Formerly BD1)

What they do:

• Developing a range of blood tests that can detect and monitor cancer.
• Their tests have so far shown greater sensitivity / accuracy than current products on the markets and their competitors. 
• The IIQ tests should be a game changer with a huge addressable market. 
• The earlier a cancer is found, the greater the chance of survival.

Products:

IIQ’s products can be split into three categories:

• hTERT – Detection of cancer from urine samples that works with existing tests to improve sensitivity and identify patients with increased risk of bladder cancer. This test has been around for a while and will not be a major revenue earner for IIQ. It came from other company (Sienna) that was acquired/merged. The revenue is helpful ($360k and growing) for IIQ to slow its burn rate whilst it progresses its other products. 
• SubB2M - Cancer detection products that are highly sensitive to a certain sugar found in cancers. Currently split into three products:
• Breast Cancer (SubB2M BC) – Used in Monitoring. This would be a game changer if women can simply perform a blood test rather than the evasive mammogram that are currently used and existing blood tests that have low accuracy. The market would be massive. They are performing the final clinical study and it is expected to be complete by the end of H1 CY24, with the test then expected to be market-ready for partnering/sales. 
• Ovarian Cancer (SubB2M OC) – Used in monitoring ovarian cancer treatment effectiveness and reoccurrence. Validation studies are expected to commence in H2 CY23 and complete within 6 months. Clinical validation of this test is expected to complete in H1 CY24. 
• Multi Cancer (SubB2M SPR test) – A blood test used for early identification of cancers (pre-screening). They have partnered with Nicoya Lifesciences Inc, to develop on their platform. We expect to hear about results late 2023. This would be a GAME CHANGER with a MASSIVE MARKET.
• Exosome - Exosomes are a relatively new field. Exosomes are sent by cells to other parts of the body to communicate about the status of the immune system, when certain cells are replicating out of control and when the body needs certain vitamins and nutrients. Exosomes show great potential for the early identification of diseases and other biomarkers. IIQ’s exosome products are currently split into two products:
• EXO-NET RUO – Helps isolate exosomes from blood samples. The current method to extract exosomes from a blood sample involves ultra-centrifugation for at least half a day. These centrifuges are expensive to buy and operate. The IIQ EXO-NET RUO product takes about 15-30 minutes and involves a quick shake and a magnet. At the moment this product would only be used by researchers. But if an exosome test for cancer detection is found, then this product will be used extensively in conjunction with the test in commercial labs and be a large revenue source. IIQ has valued this exosome research market at US$71 million in 2021 and is forecast to reach US$311 million by 2026. We should start to see sales for this product come through this FY. 
• EXO OC – A test using exosomes in blood for early detection of ovarian cancer in asymptomatic women. The reason ovarian cancer is such a killer, is that there are currently no tests for early identification. Once ovarian cancer is found it is usually too late. On the 9 Aug 2023 IIQ released to the market some news that was not taken very well and I think was misunderstood. IIQ basically said that their EXO OC test does not work well on old blood samples. So this will be ok for its intended use, but in the research phase, this will slow them down (6 months or so) while they source new verified samples. With the amazing results IIQ have had so far EXO OC will be another game changer. There is still a lot of work to be done to get this through to commercialisation, however the results are very promising.
• IIQ are also working on some other exosome products for the research field that I have not investigated. 

Financials:

• They have about $8m cash in bank with a burn of about $1m a quarter. So a runway of about 2 years. They need to get some decent sales of their SubB2M-BC in 2024 to avoid a capital raise. 

Other points:

• Legal proceedings were settled. This concerned an ex-employee who was not happy that her work was not being progressed (Lung cancer test). The IIQ Board decided to focus their resources on SubB2M and Exosomes. She had a large number of shares and I think was dragging the SP down by selling on market. The settlement is pretty good as IIQ gets a share of any revenue she may generate in the future etc. 
• We have some interesting major shareholders. The Merchant Fund with Andrew Chapman 15% and David Williams at 5% (also have some of PNV’s directors on the IIQ Board).
• Communication has not been great from IIQ. But I think they are improving. Their technology is complex and confusing. The way they name products etc. is terrible. But it is how the scientific community operates. I have been investing in IIQ for about 3 years and I still get confused sometimes with their announcements. I hope that as we near commercialisation next year, maybe David Williams could become Chairman. He is great at messaging tech to the market. 
• There are lots of competitors in this space, but I am yet to see any with a product that produces such sensitive / accurate results as IIQs. And IIQ is much more progressed. So I am hopeful we can capture the cancer detection market. I do note that many of our competitors seem to be able to get their company on the news. Every other night I see some news reports about some biotech company that have great initial results but have zero funding and are 10+ years away from commercialisation. I think this type of marketing would def help the SP in the short term. 
• I would also note that the path to commercialisation is a lot quicker for a diagnostic test than a medicine etc. All the approvals are a lot faster. 
• I have not investigated, but have been told that it is a very tight share registry. So when the SP starts to get momentum, it goes up quick, as evidenced by the Feb 2021 announcement of their great results for SubB2M BC/OC where the SP went to $5.60. 

Valuing IIQ:

• The current SP is around $0.70 with a Market Cap of about $64 million. 
• Valuing IIQ is hard, but even if they only get one of their products to market…that is probably a market cap of at least a billion which equates to a SP of around $14
• At the time of the merger in 2020, they had a slide that showed the potential….

• If IIQ can be the leader in cancer detection, then the Market Cap should be in the tens of billions with a SP like a CSL in the $100s. 
• In the next year, with some positive news, I think the SP should get up to about $4. 
• And then once sales start to come in around late 2024/Early 2025…the SP could spike with some good old fashioned irrational exuberance. $10, $20, $100....who knows.

Conclusion:

• IIQ often markets themselves as a company with ‘many shots on goal’ with a huge addressable market.
• These ‘shots on goal’ have been a long time coming, but I think later this year and early 2024 will be when IIQ actually takes some of those initial 'shots on goal' (SubB2M BC etc). 
• In particular, the SubB2M SPR test will be a game changer with much earlier detection of cancers. 
• With all this promising tech, I think we are a prime candidate to be bought out by a Big Pharma. Our market cap is ridiculously low. 

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

Broker report commissioned by IIQ. "We value IIQ at A$195m or A$2.11 per share (undiluted), using a risk-adjusted net present value (rNPV) method to discount future cash flows through to 2043, consistent with the expiry life of patent families. "

No projection of +ve cashflow up to CY24. A long term hold for me in RL and SM

EXCELLENT SUBB2M BREAST CANCER TEST DATA

• Griffith University releases additional data on BARD1’s SubB2M technology showing 100% specificity and over 95% sensitivity for detection of all stages of breast cancer

• BARD1 aims to develop and commercialise SubB2M-based blood tests for breast cancer to enable earlier detection, inform treatment decisions and improve women’s health outcomes

OUTSTANDING SUBB2M OVARIAN CANCER TEST DATA

~ Griffith University releases data on BARD1’s SubB2M technology showing 100% specificity and sensitivity for detection of all stages of ovarian cancer

~ Paper presenting this data at the Australia New Zealand Gynaecological Oncology Group (ANZGOG) Conference 2021

Melbourne, Australia, 11 February 2021: BARD1 Life Sciences Limited (ASX:BD1) (BARD1 or the Company) is pleased to announce that Griffith University’s Institute of Glycomics has released data showing that SubB2M can be used to detect all stages of ovarian cancer with 100% specificity and 100% sensitivity.

SubB2M is a protein that binds specifically to a sugar molecule called Neu5Gc which is present on a range of cancers. In humans, Neu5Gc is only found on human tumour cells and tumour-associated molecules, potentially making Neu5Gc a highly specific pan-cancer biomarker. BARD1 holds the exclusive worldwide license for the use of SubB2M to detect any cancer.