$20m cash injection - partial monetisation of Inavir royalties, page-3

SP = $US1.50

Market Cap sitting at US58m

Cash (including short and long term investments) = approx $US77m

Therefore. current value attributed to future royalties, pipeline, patents and future developments = minus $US19m.

The market either has zero trust in the pipeline and/or management and/or it is time for Investor Relations to get out there and start peddling. In truth, it appears they are getting out there at Healthcare conferences, so the 2H2016 Phase 2a and Phase 2 trial results should prove to be inflection points (either way) for company.

Existing long term holders are not prepared to throw more money at this, but if I were a new investor, it would be a no-brainer - I'd see this as worthy of a roll of the dice.