Agreed, Actinogen would probably need to spend from tens of million few hundred million depending on how large their phase 3 study is and the length of post market surveillance. The availability and cost (in terms of dilution) of funding these trials will also depend on the results of the upcoming trials as well. So part of the 1:250 value will be reduced by dilution.
Side note, does anyone have good resources about learning how to value drug companies? Books, textbooks, anything is useful.
XanaHES and its implications for Actinogen, page-4
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