I think people are worried that Immutep is going to be sold off too cheaply. Management aren't silly and they understand the market. There are preclinical biotechs with MC higher than Immutep's MC. I think some of the reasons as to why our MC is so low, is due to perception. We are an Australian biotech with dual listing. People get confused with the different share prices, the ADR ratio, exchange rate etc. It all gets too hard and they look elsewhere. If we were an American biotech our MC would be twice or three times what it is now.
Media, page-79
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