research reports and media, page-1262

Totally agree Éire, and with a $4.20 valuation based on only a 55% chance given of Phase III success in their report, it's clear that MST Access see our SP as great current value even with the muted mooted numbers they've contemplated as part of a licensing arrangement.

Unless all previous clinical results (several hundred cases of them) of iPPS treatment in KOA patients are to be somehow turned on their head - the chances of Phase III success for *this particular therapy* are objectively much higher than 55%.

This all suggests near-term upside as well as the inevitable long-term (should iPPS get a label). At A$600m market cap, the only way is up if Phase III results reflect only what we've seen to date.

My disappointment (small, as it relates only to some guesswork in a research note and is therefore nothing to be annoyed about) in those numbers was really only due to their disconnect from those PAR have previously used in presentations. Had MST Access used similar examples as a basis for their projected deal - they'd perhaps have come up with a $7.00 current SP valuation, rather than $4.20.

Maybe that hints at the truth of it. PAR may prefer guidance on which they can ultimately over-deliver. However, since we're now all dressed-up and ready to go dancing, I thought they might use this opportunity to show prospective suitors that when we look in the mirror, we see ourselves as a rock-solid 10.