wise-owls valuation 13.5cents, page-8

Thanks Rich52, Liked The "Bulls & The Bears" Part

The Bulls & The Bears

The Bulls Say

 The raising of $2.83 million at 2.5 cents, means the company is
well funded for its current programs.
 Lower risk through early revenue from its diagnostic portfolio and
blue sky potential through high value therapeutic antibody assets
 A licensing agreement has been signed with US listed company
Celera for including midkine to diagnose and treat lung cancer.
 A deal with Pharmahungary gives Cellmid greater worldwide
exposure and a fast track to progress its heart attack treatment
program.
 Extensive validation studies have confirmed that midkine is an
effective early marker for cancer with short term market
opportunities.
 Valuation of 13.5 cents, based on potential future earnings,
suggests upside



The Bears Say


 Results of pre-clinical trials on the company?s antibody programs
may not meet expectations
 Companies with whom Cellmid signs out-licensing agreements
may not have the same priority as if the research was kept inhouse
 Midkine and its role in cancer is not known well outside of Japan
and Cellmid must continue a strong commercial push in other
markets similar to the Celera deal.
 Trials may run longer than expected which may end up costing
the company more and delay revenues