Shares on issue: 60,464,843
Share Price: $0.645
Market Cap: $39M
Pro forma net cash*: $27.1m
Enterprise Value: $11.9m
* Pro forma net cash is calculated as cash and cash equivalents as at 30 June 2021, plus gross Offer proceeds, less Offer costs, less net losses to mid September 2021. (As per the prospectus)
So the $11.9m valuation for a near Phase III chronic wound healing drug (TR-987).
SERIOUSLY!!!
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