Nessesary Inspiration, page-4

Here is my take on why the IPO was a complete disaster:

Timing - all major gene therapy and RNAi companies are down between 30 and 50% in the few months.

Presentation - Peter French really needs to take a long hard and critical look at his presentations. He needs serious help from someone who can teach him how to deliver BLT's message, not just to scientists, but to big business and the public at large. If he is not prepared to do the work to improve his public speaking skills, than he needs to seriously look at stepping aside as MD/CEO. You cannot have the head of a hundred million dollar company sending everyone to sleep if you are going to keep on growing.

Lack of efficacy - OK, I understand that they have to have a back up plan. Despite what others think here, I am very sure that BLT do not know, one way or the other, whether knockdown is occurring. This would be price sensitive information, and not something that they can keep to themselves. They had to list on the NASDAQ now or risk losing the entire business on the results of a trial that is simply now purely for proof of concept imo. Make no mistake, HCV has a cure and will in 7 years be a few hundred dollars per treatment because of generics flooding the market. Sure, if it is efficacious, than someone may take over commercial development, but it certainly won't ever reach blockbuster status like Sovaldi/Harvoni.

Even so, I believe with approx $AUD40m in the bank, assumming that the underwriters take up their allocation in 45 days, I value BLT now at $1.07 (represening 4 x 26.7cents (the sp equivalent of $40m)), especially as it is in PIIa and safety has, at least at these levels, been established and they have back up programs that, at least on paper, seem to have great potential. Funny how this is exactly the amount of RA Capital's initial investment.

There is significant value in our HBV and AMD programs. Any sniff of efficacy in TT-034 or Cal-1 will wake up BigPharma to our other potential blockbusters.

But for now, BLT now has more money than it has ever had in its history, so I guess, despite all the missteps, the cash backing is going in the right direction.