The CR will obviously add certainty to PRR's clinical aims, which one would think would offset the dilution effect on Southern Cross' recent valuation.
A valuation which is looking a bit skinny right now.
I think the fact PRR is moving full steam ahead now (before N) is significant in that it's a sign that we must be ahead of schedule, eager to please American investors with such mesmeric efficiency and confidence in getting away a CR of this size, and eager to complete the Phase III trials and propel the company headlong towards commercialising a blockbuster drug.
If this doesn't impress the socks off of the Americans, nothing will.
The more I think about it (having doubted it yesterday), the more I can see that this is in effect strategic in nature, and an all round brilliant tactical move.
trading halt, page-36
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