Imagen Therapeutics update on CrowdCube is not looking particularly positive…,directors jumping shit left, right and centre.
Are they not? One resignation this year and two last year. An explanation from them would be helpful, but I note from their 03/06/22 update they are doing well (they could be lying, I guess).
Take a look at their recent comments on the discussion board. CEO left, interim CEO left a few weeks after taking the role, they have found a flaw in their core medical process/product. Sadly….I think this one will go hero to zero fast.
Do you have a link for the board?
Please excuse the brevity of my reply, as I am currently out of the office.
Kind regards,
Sanjay
Sanjay needs to get back to the office
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Link here: Join and Start Investing Today - Crowdcube
And the update:
Dear Shareholder,
This post is further to the above, in which I outlined that the business was facing 2 main difficulties:
• The global financial uncertainty making the environment for investment deals much more
challenging
• A scientific issue in relation to our biobank assets
We have now completed a restructuring which has seen us reduce headcount by around 1/3, and technically we now have sufficient cash runway to last us until May, although this is dependent on delivering work we won in the latter part of last year and new contracts we may enter into over the coming weeks.
We have also been working hard on solving some of the scientific issues I alluded to
previously. However, it is fair to say that it looks like these are proving to be more complex and
difficult to solve than we had previously anticipated.
During the coming weeks we will be pursuing a number of avenues to seek further funding for the business. We are engaged with one potential VC, and we will (via our Corporate Finance adviser) be going out to a range of other potential investors imminently.
However, the situation remains challenging, and has been made more so by the resignation last week of Chris Noakes, who had stepped up to the CEO position in December, in order to take on a role in his home city of San Diego. Richard Goldstein has also stood down from the Board on the basis that he does not feel that the business can benefit at present from what he can add (general commercial experience, strategic and legal input), whereas the current pressing issue is scientific in nature.
Whilst I and the other Board members (all of whom have invested significant sums into the
business) are working as hard as we can to try to secure the future of the business, I am afraid I cannot provide any assurance that we will be successful in this endeavour.
I will keep you posted as to progress.
Regards,
Jonathan Engler, Chairman
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coconut is cancelling its Crowdcube campaign so i suppose it will be the next to go down
An update from them would be helpful… Do they plan to pivot again, do they have cash reserves, will they just fold…
So many EIS loss claims to process….
Used to be that you’d do self-assessment and then take the option of adjusting your tax code, but that doesn’t seem to be available anymore. Not with self-assessment anyway.
Found this
https://community.hmrc.gov.uk/customerforums/pt/154632cd-8453-ed11-97b2-00155d3ba57b?page=1
Edit: this is the relevant bit from that link, in case it goes dead
Please write to
HMRC at
HM Revenue and Customs
BX9 1AS,to let us know about that capital loss by making a calculation of that loss and sending the calculation to us.
Please include your NINO, UTR number.
Please also have a look at HS286, which can be found at :
Thank you.
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Unity Brewing Co has entered liquidation as of Monday 13th February
Akewatu has entered administration just four months after raising on Crowdcube, allegedly after a EUR400k loan approval was pulled at the last moment due to deteriorating economic environment. Looking for a buyer, per CC.
Also, not mentioned here at the time, The Vegan Kind entered administration in October 2022. Covid business boom led to (Seedrs funded) expansion, post-pandemic sales returned to lower levels. Kaboom.
Interestingly, the founders/management sold out to the majority investor in June 2022 and were replaced by new management. When the administration happened, some Seedrs investors noted that tag-along rights had not been respected when the founders sold out (Seedrs investors should have been offered the rights to sell at the same share price of 26p).
The end result being that the founders paid out GBP100k to Seedrs investors from their own pocket (26p per share), representing a 13% return for 2020 investors and an 8% return for 2021/2022 investors.
They blamed legal advisors to the transaction for missing the clause, so perhaps they will look to recoup the value from them.
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Who thinks that Oddbox is the next startup to fail ?
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It sounded as if it was doing well, but as soon as I saw the current funding round was a convertible, I assumed otherwise.
I don’t even think it is an EIS, so not interested whatsoever. They have raised some serious £££ though!
I do not think they are going bust. They have over £30m of annual revenues and the annual loss is around £2m-£3m.
Anyway the market is getting more competitive and in a hard recession a £16 box with 8 veg would seems a luxury to a lot of people
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Another one bites the dust!
BEDLAM BREWERY LIMITED entered into administration on 17 February 202.
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