Yes - very low valuation for a company with an existing income stream, which is growing, and a guaranteed source of funding ($20m, possibly $40m) so it doesn't have to do a new capital raising.
An interesting note in the statement is that they are approaching 10% of the adult German market.
My best guess estimate at the end of Q2 (based on total income and daily price in German) was that we had an average of about 50 patients in Germany for the period. This number appears to suggest that we have increased the average served in the quarter to about 250-300 (adults = half of 7500 German CF, and 10% of adult half is 375). This is rapid growth. Will need the next quarterly income to verify.
Target market in Germany is about half the number on pulmozyme (=36%), which is about 1350 (=18% of 7500).
notice received, page-14
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