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The Final Charge , Phase I/II MND Results & FDA ODD Approval Catalyst, page-685

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    Roughly. There seems to be a formula based on time to exercise, exercise price etc on arriving at a fair value. But somewhere between 1.60 and 1.85 in this scenario is my guess ( based on a couple of other situations I have seen, I don’t actually know the formula for assessing fair value ).
 
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