RNAI rally underway, page-12

Sean, the market determines the value of the company. It is what investors are prepared to pay, given the number of shares on the market, and based on the factors that Blane mentions.

Sure, a big pharma may put a value on one or more of our pipeline programs and these values are usually based on ROI and risk, but they are not the value of the company (unless a takeover is involved).

So, even if TT-034 is proven to be a viable treatment for HCV, if major investors/pharmas don't think they can make any money out of it, this may not trigger a long term re-rating of the value of the company. On the other hand fantastic pre-clinical data for AMD may trigger an increased investor interest and a deal with big pharma. The market is fickle and triggers vary from company to company, however, given Benitec's history, I would suggest that the real trigger that you are searching for is a deal with a pharma. Anything less is likely to be short term only.