Next couple of days, page-20

Here's another perspective. If each licencee can be expected to extract their cut from only $8m, and assuming they very optimitically achieve royalties of 20%, then they will still only be achieving income of $1.6m per annum (each).

That does not seem to provide an economic return on R&D and commercialization dollars invested.

My premise for investing in Acrux was that it would be able to achieve a moderately economic return on its capital. And that it already had invisible capital, in the way of sunk costs in earlier topical programs (thus potentially giving Acrux a competitive advantage in the topical space).

I am still assuming that the industry, as a whole, will not, in the long run, chase un-economic returns.

But I may be wrong.