Shorts are trapped, page-20

As long as the share price returns to all time highs I don't think anyone will worry whether they use or don't use the share buyback. However, I believe this company is going to be doing so well just with Vitiligo approval that the less shares there are on market will benefit all holders so much more - EPS with 1.5 Million less shares and massive profit increase will go through the roof as should the share price. Also with this years full year results Clinuvel should have cash on hand not too far short of $200 Million, so spending ~$25 Million on buying back shares now is just a drop in the ocean, and when Vitiligo comes along it will possibly be only a few months of profits. This is why they should smash into the very cheap shares right now while they can. It is also the last thing shorters would want CUV to do so I wonder why they don't just do it, maybe they are waiting for the new financial year in a few weeks and I get that too.

Another point is EPP growth, IMO they will still be growing that market for a couple more years at least which will take them nicely through to Vitiligo. Firstly there was more evidence today that Europe will move to 5/6 implants for full year treatment and protection as per what the literature suggests and as many in the US are receiving I believe. This might not happen right now but it looks like the wheel is turning on this in the EMA and right now it doesn't matter because everyone in Europe will be getting their Spring, Summer and early Autumn implants for the next 5 or so months. After that if more implants are prescribed that could flow nicely into next financial year and beyond, and that would be very significant, so I am looking forward to an announcement in the future on that. The adolescent trial is not far off primary completion and IMO Clinuvel will be the first company to provide a systematic treatment for children suffering the terrible disease of EPP - several already are receiving it. Competitor MT is no longer providing compassionate use for their trial drug so many known EPP patients are in limbo and I would assume Clinuvel could pick up some of these and hopefully nearly all of them. Disc with their Phase 2 EPP flunk may also be leaving many EPP patients seeking treatment and again hopefully Clinuvel pick some or all of them up with their life changing drug. Then there are the other areas which may produce something like the touted UK NICE legal action or the announcement about South America from the other day. They are going to try for Canada this year I believe and then there will also be some organic growth in existing markets which may or may not be mature. On top of everything is the excellent 95% patient retention so we know it works and patients want to keep having it year after year so they can lead normal lives.

This ongoing absolute monopoly position is a massive strength for Clinuvel, not many company's have that. If they can execute on Vitiligo, which I'm very confident in, then the current pricing is going to look quite ridiculous. Buying back 1.5 Million shares in a company that has only 50 Million on issue is enormous and then there is everything that is just not priced in so anything could come of that like a protective tanning cream for everyone, a Stroke treatment, XP, VP, Neuracthel etc. I do enjoy following all this despite the frustrations, management just need to address the scoreboard which is at 5 year lows in share price thanks to shorters and then they will get more plaudits.

All IMO DYOR