Enjoy the ride, page-12

After a plus 1million turnover day on Monday, daily turnover on Tues, Wed, and today were much lower than we have seen over the last few weeks.

There seems little evidence that there is another new major insto hunting for stock.

After a solid 25% rally, a pullback is not unexpected and should not be cause for great concerns as there are undoubtedly still a few "stale bulls" who bought around these levels the last time we were near 50c in September/October last year.

The talk on the street is that there was discussion at the recent roadshow at a Sydney broker that the company expects to recover the sunk cost of its investment in BNC 105 and BNC 101 - which by some analyst estimates is in the order of $45m.

The story being put out by the company is that they are wanting mostly cash up front plus a modest carried interest in further clinical and commercial success.

Should BNO get up front payments near that figure it will top up the bank balance very nicely and the share price will bust through the 50c ceiling headed for 60-70c range.

The unanswered question is whether the Board will see fit to return some of that money to shareholders - and if so how that might be done.

A dividend would be nice but I suspect that an on-market buy-back may be a better strategy if it tightened up the register and the share price was moved closer to the analysts valuations o $1.00 to $2.00.

We still have a way to go.

Previously I had suggested that completion of enrollment should happen this month and that we may get a readout on BNC 210 in July/August. The company seems to have indicated to the chosen few who got the latest updates that its more likely September/October.

There is still a very big prize if BNC 210 lives up to everyone's hopes.

A success on PTSD would immediately indicate that application of BNC 210 for other major indications such as Depression, General Anxiety, Epilepsy or other neurological ailments would attract significant Big Pharma interest and potentially a takeover. Refer to the last presentation slides for more details.

That is the upside story - but it all hinges on the PTSD trial producing strongly convincing clinical results - and anything less will be treated as a fail.

So its going to get exciting as we approach the readout in September/October...............

.....and there is the short term upside from a good deal on the oncology assets - if the scuttlebutt is accurate.

GLTA.