Another ASX Biotech company (AGN) that is currently in Phase 2 trial had an announcement this morning. While this is not comparing apples with apples, what is interesting is that their market cap currently is about $100.5M, still corresponding with FDA for an open IND for their trial in the US. Their bank balance as of last quarter was around $12.5M.
What we have currently is a market Cap of $8.5M, a funding facility to end of phase 2 trials for more than 1 drug of $38M, and if we take Qamzova which is now FDA approved for managing the Fentanyl crisis (a drug from China), our phase 2 trials may not necessarily needs to be conducted in the US. Coupled with the possibility to bypass phase 3, our headroom for market cap growth could be enormously enormous.
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