I am not a holder... but in absence of any clarification on the results and assuming they do hold, coupled with the fact that they will need to raise fund for phase 3 (assuming they get FDA approval)....my view of the valuation is that it's still expensive given ASX valuations....
again assuming results are what they are, is there a specific reason why everyone expects SP to go back up? I have seen many examples where emotions get better of investors and they throw around crazy valuations.....
Ann: BTX 1503 Acne Phase 2 Study Results Presentation, page-484
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