AVE - Avecho Biotechnology

[jbocker]

$2.3m in the bank and a "significant adverse costs order" pending.

Surprised they didn't go into a trading halt / suspension prior to this.

Just to be clear these will be costs against the company and not for it, yes?
Do they have enough to cover that and to enforce any remaining rights.
Not pretty. Not pretty at all.

 

[PZ99]

Just to be clear these will be costs against the company and not for it, yes?
Do they have enough to cover that and to enforce any remaining rights.
Not pretty. Not pretty at all.

That's how I'm reading it. They could end up being insolvent - hence the suspension call. IMO

 

[bigdog]

Are there any guesses which way this will go???


ASX Ann today
POH 12/12/2018 9:32:19 AM Suspension from Official Quotation

Market Announcement
12 December 2018

ASX Limited ASX Customer Service Centre 131 279 | asx.com.au Phosphagenics Limited (ASX: POH) – Suspension from Official Quotation

Description
The securities of Phosphagenics Limited (‘POH’) will be suspended from quotation immediately under Listing Rule 17.2, at the request of POH, pending the release of an announcement regarding Mylan arbitration cost negotiations.

Issued by Cheng Tang Senior Adviser, Listings Compliance (Melbourne)



REQUEST FOR VOLUNTARY SUSPENSION
Phosphagenics Limited (ASXOH) (the Company) requests a voluntary suspension for one day to the trading of the Company’s ordinary shares quoted on the Australian Securities Exchange (ASX) in accordance with Listing Rule 17.2.

The voluntary suspension is requested pending an announcement to be made by the Company to the market in relation to continuing advanced negotiations with Mylan in relation to the quantum of costs that might be payable under the arbitration and future arrangements for commercialisation of the intellectual property that has been under dispute. (“purpose”).

In accordance with ASX Listing Rule 17.2, the Company provides the following information in
relation to the request:

1. The voluntary suspension is necessary to assist the Company in managing its continuous
disclosure obligations as the Company expects to make a material announcement to the market in relation to the stated purpose.

2. The Company requests that the voluntary suspension remains in place until earlier of
commencement of normal trading on 13 December 2018, or when the announcement regarding the stated purpose is released to the market.

3. The Company expects to make the announcement to the market before commencement of normal trading on 13 December 2018.

4. The Company is not aware of any reason why the voluntary suspension should not be granted or of any further information necessary to inform the market about the voluntary suspension.

7772

 

[PZ99]

This is probably the trading halt they should've had when they lost the case.

The suspension is for only one day so I'll put a lazy 50 on the significant adverse costs order being not so significant that is to send the company broke. Can't add to that but I hope it works out.

 

[PZ99]

Here you go...

Spoiler

13 December 2018, Melbourne: Australian drug delivery company, Phosphagenics Limited (ASX: POH, OTCQX: PPGNY), advises that it is continuing with advanced negotiations with Mylan in relation to the quantum of costs that might be payable under the arbitration and future arrangements for commercialisation of the intellectual property that has been under dispute. Accordingly the Company will remain in trading suspension until it announces finalisation of the agreements which are expected to be concluded by 14 December 2018.

That's it.

 

[bigdog]

Dr Ross Murdoch, Phosphagenics Chief Executive Officer said “We were very disappointed with the result of the arbitration. We have worked feverishly since to negotiate an outcome that eliminates the potential for a substantial adverse costs order. We are very pleased to have a negotiated outcome supported by all parties that avoids substantial cash payments, retains and potentially increases the future value available to Phosphagenics from TPM®-daptomycin and also provides a clear incentive and opportunity for further deals. We can now return all our focus to advancing and building the company’s portfolios and partnerships particularly in the area of injectables.”

Dr Greg Collier, Phosphagenics Chairman added “This settlement is an important one for Phosphagenics shareholders. I believe that the removal of the potential for a substantial adverse costs order not only removes a significant concern for shareholders but also may remove the overhang on our company and stock. This negotiated settlement combined with the success we have had over the past 12-24 months to strengthen the company’s fundamentals should be seen as a positive as we move into 2019”

Finally by way of update, Phosphagenics currently has approximately Aus$2.1 million cash at bank. This amount together with budgeted revenue satisfies working capital requirements for the next 12 months.

ASX 19/12/2018 8:59:43 AM Phosphagenics and Mylan Agree Settlement

964

 

[bigdog]

Trading now

 

[System]

On May 27th, 2019, Phosphagenics Limited (POH) changed its name and ASX code to Avecho Biotechnology Limited (AVE).

 

[frugal.rock]

Probably belongs in the popping festering cankers thread?
Just a 3 year catch up chart.

 

[Dona Ferentes]

and defestering (defenestrating?) (Baby / bathwater?)

the old Phosphogenics

Six months ago, Avecho was all TPM
TPM® is a proprietary combination of two forms of phosphorylated vitamin E
TPM® is a unique excipient that encapsulates drug molecules
TPM® has been used to formulate drugs to improve their: - solubility - stability - oral bioavailability - transdermal delivery - pharmacokinetic profile
TPM® has an excellent safety profile making it ideal for drug reformulation
TPM® reformulated drugs have: - improved pharmaceutical properties and performance - provide opportunities to secure additional patent protection

Avecho has a clear, strategic focus to deliver on two fronts:

• Realise value from its portfolio of existing human and animal health assets
• Leverage its proprietary TPM® platform to develop new cannabinoid-based pharmaceuticals

recent runs (and retreats) relate to ::...
- in vitro testing to demonstrate that formulations containing TPM® significantly increased CBD solubility during gastric and intestinal in vitro digestion.. (mid Oct)
- pass toxicology study (early Dec)
- human trials commencing (late Dec)

 

[frugal.rock]

Have a frustrating buy order partially filled (41.2025 % filled) on 0.027, was a bit slow off the mark.
I need to get this rotation thing better timed... should have been in yesterday on 026
Need a few sell pings...

 

[Dona Ferentes]

and now, cannabidiols


AVE is hoping its proprietary vitamin E-based Targeted Penetration Matrix (TPM) technology can give it a leg up on its competitors in the race to have the first cannabidiol drug approved in Australia.

“Medical cannabis is a new space for us,” Avecho chief executive Dr Paul Gavin told Stockhead. “We’re pure biotech… we’re a bit terrified of the space.” At first, “no one was doing drug development. Everyone was rushing into manufacturing.” That’s changing with companies paying more attention to drug development and clinical trials – “all stuff we’ve done in our sleep for 20 years,” Dr Gavin said.

.... Many medical marijuana companies deliver their drugs by simply having patients eat them – which only results in about three to eight per cent of the medicine being absorbed into the bloodstream, Dr Gavin says.

“Medical cannabis has terrible, terrible bioavailability,” he said

Avecho’s TPM involves encapsulating drugs with a tocopheryl phosphate mixture – an enhanced form of vitamin E – which increases their solubility and subsequent absorption.

In a regulatory shift, the Therapeutic Goods Administration on Monday began accepting applications to include products containing up to 150mg of CBD on the Australian Register of Therapeutic Goods as schedule 3 medicine, meaning they could be dispensed by pharmacists without a prescription.

“There are still concerns that it will be hard to demonstrate efficacy at the 150mg/day dose,” says Cassandra Hunt, managing director of Sydney-based cannabis consultancy FreshLeaf Analytics.

Dr Gavin says Avecho has been conducting studies indicating that TPM increases the bioavailability of CBD by as much 40 times in animal models – giving the company a big advantage in formulating an efficacious drug while staying within the low dosing limits set by the TGA.

“We’re probably better positioned to attack S3 [schedule three] than anyone – or most people,” he says.

Dr Gavin says the company is hoping for a further re-rating from the market as it looks to begin midyear a phase 1 clinical trial assessing the bioabsorption of an Avecho softgel capsule. This product would be taken into a subsequent pivotal Phase 2/3 trial that would be used to support drug registration. This pivotal study could target a number of candidate indications currently under consideration, including anxiety or insomnia.

Data generated by the clinical trials could also lead to licensing deals in other markets, he said.

“I haven’t heard of anyone like us in the Australian cannabis space,” Dr Gavin said.

 

[finicky]

Casually scoped it after reading exchange here: CBD angle tempting, monthly chart looked potential, the share dilution was pretty off-putting, now capital raising.

 

[Dona Ferentes]

Avecho issued 230 million shares at $0.022 each to raise the $5.06 million with each new share having an attached option on a 1:2 basis. The options are exercisable at $0.035 each and have an expiry of 31 December 2023.

Peak Asset Management acted as lead manager to the placement and underwrote the other $4 million. By close of business on 9 February, the placement had received more than $23 million in bids.

Avecho chief executive officer Dr Paul Gavin said the company was “immensely grateful” for the “strong support” it had received from existing shareholders and new sophisticated investors and professional funds.

“We have been observing, for some time, the growing interest in pharmaceutical cannabinoids and the response we have received to the placement is indicative of the strong commercial momentum building in this space.”

 

[finicky]

So they raised @ 0.022 with a half attached option. Greatly over subscribed placement.
Currently hugging 0.020

No ulterior motive but the CBD company I have invested in is also engaged in medical cannabis research in partnership with universities, most notably Thomas Jefferson in the U.S which is also a shareholder. Might get around to posting something over there.

Daily

 

[frugal.rock]

Potentially, not just a pot stock down the road.

New TPM® applications to be explored in AB Vista animal health program

Highlights:
• Avecho has developed its proprietary TPM® as a non-antibiotic feed additive product to enhance feed efficiency and weight gain in livestock animals.

• Avecho has today announced that its potential commercial partner, AB Vista, will explore the utility of TPM® in livestock feeds across a range of new applications.

• AB Vista will test the combination of TPM® with a number of feed additives, assessing the potential for
a commercial deal for the inclusion of TPM® in commercial livestock products intended to be launched in June, 2022.

Still holding. Has been put into the long term basket.

 

[Dona Ferentes]

and trying their hand with a little pill to help sleep, with cannabinol . trials happening now.

Highlights:
- Recruitment has now begun on Avecho’s pivotal Phase III Clinical Trial testing its oral cannabidiol TPM®-enhanced soft-gel capsule for insomnia: a global market estimated at more than $4 billion.
- The trial is the largest insomnia study of its kind, recruiting 519 patients across sites located in Melbourne, Sydney, Central Coast, Brisbane and Perth.
- The trial will compare nightly doses of Avecho’s proprietary oral cannabidiol TPM®-enhanced soft-gel capsules at doses of 75 and 150mg cannabidiol with placebo over an 8-week dosing period.
- The trial has been designed to suit the requirements of the TGA, US FDA and the EMEA, aided by advice from a number of international sleep experts.