Cash is important, and VHL has recently raised some funds and may get another milestone payment from Transgene.
Fact is, they own a platform technology. Yes they have been undercapitalised for many many years. However they have managed to gain non-dilutive funding for a rather large phase II trial. One which has been run bang on schedule so far, and ahead of expectations with regards to the drop out rate. With some luck I hope they can replicate or beat the Phase Ib extention study.
As a "new" technology, I have to say that having it verified by other companies is very important. Crucial in fact in order to gain interest from large pharma and the all important license deal.
VHL is far from risk free, however with the transgene deal and transgene's success to date there is some level of "value". VHL's cap is on the low side of biotech caps, and hence there is significant leverage available to the avid biotech punter.
I hold.
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