4pm
Introductory remarks-CEO John Dennis |
- Opening Comments describing SolAeroMed work over the past year, highlighting near-completion of S1226 Phase I safety studies and plans for Phase IIa trials this fall.
- Individual introductions of all present.
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Opening of the AGM-CEO John Dennis |
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Presentation of milestones to date-CEO John Dennis |
- Successful submission to Health Canada
- pre-clinical work accepted by Health Canada leading to approval of Phase I first in human clinical trial
- Phase I (safety) an important milestone and now completed and being written up
- Plan to submit results to Health Canada Q2/3 2014
- Plan to progress S1226 Phase II clinical trial to demonstrate efficacy
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Presentation of financials-CFO Gareth Lewis |
- Overview presentation of SolAeroMed financials
- Review of fiscal year
- Increase in grant funding and investments
- Updated compensation mechanism to reflect better tax management for both SolAeroMed and employees
- SolAeroMed maintained low burn rate and intends to continue to do so as we progress through to Phase II clinical trials
- Additional investor funding sought $300-500k.
- New share purchases will be at $5/share ($10M valuation)
- Questioned on types of consultants & fees SolAeroMed engages. Response provided by CEO as:
- CRO for Phase I clinical trial (PharmaMedica)
- Clinical Research writer to coordinate regulatory documents and Investigators Brochure
- Regulatory CMC consultant who works for blend of cash and shares.
- Vetrinary Toxicologist
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Discussion around overall SoAeroMed progress – CEO John Dennis |
- SolAeroMed has been improving its documentation and oversight to better position SolAeroMed for future partnering opporutnities.
- Discussion around benefits of public vs private company
- SolAeroMed had opportunity to go public (TSX-V) in fall of 2014, but board and some management believed this premature and did not pursue.
- Discussion around pros and cons of public vs private company with consensus SolAeroMed should remain private for the time being.
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Presentation of Board members – CEO John Dennis |
- John reviewed the profiles of the existing board members, and their areas of focused support to SolAeroMed.
- Recommended we keep the same board for the next year. All board members indicated wish to remain active in SolAeroMed:
- Andy Clark
- Phyllis Kane
- Ian McAffer
- Michael Flach
- Gwyn Humphreys
- Francis Green
- John Dennis
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Vote to approve the board |
- Motion by Michael Smith to approve existing board for another year.
- Seconded by Michael Flach
- Approved unanimously
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Vote to adopt minutes |
- Motion by Michael Smith to adopt 2013 AGM minutes
- Seconded by Michael Flach
- Approved Unanimously
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Vote to wave requirements for auditors |
- Motion by Michael Flach
- Seconded by Michael Smith
- Approved unanimously
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445pm |
AGM closed |
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Informal meeting following AGM |
- Discussion about what a successful Phase IIa might mean for the potential future sale or worth of the company
- Scenario that we could proceed as a new team with Angel, VC or go private
- Scenarios that we could:
- sell company outright to medium or large Pharma
- license the drugs to other companies and potential dividends to shareholders
- SolAeroMed may consult with informed outside advisor to help negotiate potential deals, including provision of 3rd party valuation of SolAeroMed.
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Introduction of Dr John Butt – CSO Francis Green |
- Dr John Butt gave a well received talk involving aspects of the history of ‘sudden deaths’ of young Albertans leading to the discovery S1226.
- The Prairie Provinces Asthma Mortality Study received the largest grant for the time through the Faculty of Medicine at the University of Calgary.
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Presentation by Francis Green on S1226 |
Presentation on S1226 science including:
Review of need for S1226 asthma medication
Preclinical summary data
Phase I safety study
Associated indications for S1226 are being pursued in his Hospital lab facility. |
Apologies for absence of Richard Leigh – CEO John Dennis |
- Richard Leigh was going to talk to upcoming Phase II clinical trials
- He was unfortunately tied up in other meetings and dealing with a family medical emergency
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Closing remarks – CEO John Dennis |
- John thanked the shareholders for their continued support and observed that SolAeroMed was looking forward to reporting to shareholders through newsletters andwww.solaeromed.com
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