Fair value, page-29

Invent a better mousetrap and they will beat a path to your door (or something like that). Trying to do a deal before efficacy would be just plain stupid. BLT have plenty of cash to get through to efficacy, and everyone will then be flat out trying to beat a path to BLT's door before the others get there. BLT is clearly laying the groundwork for a capital raising after efficacy, signalling to the path-beaters that they won't get a deal at all unless it's a very good one, ie. more attractive to BLT than just raising cash and getting on with the next steps.

Unlike many here, I think mgt have shown themselves to be pretty smart. But then I don't equate management competence with the day-to-day share price.