Ann: afamelanotide in fair-skinned Parkinsons patients, page-21

I could give you a long list of healthcare companies that are many years away from bringing even a single product to market, a good number of which fetch valuations higher than the highly profitable Clinuvel (Disc is a common name thrown around here, many more though). Do you think these cash burning pre revenue companies should be ascribed valuations of $zero, as is the case for Clinuvel's pipeline products (which have TAMs in the billions of dollars)? Disc literally failed it's clinical trial yet still is worth double the entire market cap of CUV, how does that even make sense? I'm not sure how long it'll take for Clinuvel to get the latest indication to market, I'm sure there will be delays, but it seems far closer than many other companies (and there's no major rush / risk as the company is self funded)

I'm not sure why it's not obvious what the cosmetic strategy is. The sunscreen is not meant to be a money maker, it's all part of their strategy of shifting the perception of melanocortins from being a tanning product to a sun protection one, and positioning this company as a leader in sun protection. You can't be a leader in sun protection without having a sunscreen, even if the sunscreen gets zero sales. It's needed for the launch of the tanning (bronzing) product.