insight, page-5

Rifici as at september 2003 their market cap is $50 million and share on issue was 142 million share.
They have 2 times the share on issue not 3 times as you indicated.

and yes i think the company worth much more now than back in 2003 considering in 2003 they didnt have:

-Approval of Bronchitol by U.K and other European countries, Australia
-Australian TGA approves Bronchitol for cystic fibrosis
-Aridol launched and approved in USA
positive results
-Completion of purpose built state of the art production facility,
-New factory and headquarters in Frenchs Forest.
-Aridol gains approval in Korea and Switzerland
-Aridol available throughout major European countries
-Aridol for elite athletes accepted by Olympic Committee
-European headquarters established in UK
-Aridol approved for sale and marketing in Sweden and Australia
-Manufacturing capacity tripled
-Pharmaxis licenses patents for respiratory products from technology developed by Royal Prince Alfred Hospital, Sydney
-And several pantes on the technology, inventions and improvements

and so on....you can read the company achievement and milestones on their website and you will know what i mean by "undervalued".