For me, the value proposition has been reduced over the past few years.
A major factor is the failure of the GBM program. Early results looked incredible, and many here imagined we'd have moved to a registrational trial by now. But enrollment seemed slow and then slower, and then without an ASX announcement the trial was quietly halted, pending a redesign.
Apparantly, the treatment method was not feasible for widespread use. The redesign, if it ever actually gets underway, looks to use IV administration. More feasible, but I suspect it may prove less efficacious.
The second major factor is the microcap valuation. It makes raising meaningful cash for an expensive to run company very difficult. Each small raise, which become more frequent, brings massive dilution.
Some may say they were only here for CDH17. But that has been included in the value proposition for years now. Sure, it has finally entered the clinic. But still a long way to go.
I have no idea how the company can protect itself against a cheap takeover if some awesome results are announced in the near-mid term future. Maybe we should be taken private for a couple of years. Need access to capital though.
CHM Price at posting:
0.6¢ Sentiment: None Disclosure: Held
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