Selling, page-35

Valuation: Increased to $64–111m

We increase our indicative valuation range to $64–111m or $10.31–17.82 per ADR (vs $63–105m, $10.51–17.57 per ADR), under either post-Phase III approval or accelerated approval scenarios for GDC-0084. We have rolled forward our model and have made adjustment for the sale of the Noxopharm shareholding for $1.8m (vs our previous valuation of $2.7m). We estimate that cash of $4.1m at 31 December 2018 plus the Noxopharm sale proceeds will fund activity into H219, by which time preliminary data from the GDC-0084 Phase IIa are expected to have read out. We estimate that Kazia will need additional funds in the order of $11-15m to fully fund the GDC-0084 Phase IIb study.

IMO full increased valuation of KZA $64m - $111m based on post phase 111 approval or accelerated approval of GDC0084 - which has to be years away from now at best

imo
$23m market cap at present is far from cheap based on the valuations above - hence no conspiracy or manipulation theories or Hopper selling tiny 150k shares in one month

The licence deal - agreements imo is the key here

Was this a good deal for KZA based on above valuations. etc.....