Ann: CLINUVEL Newsletter IV - October 2023, page-10

I don't think a Disc takeover is plausible either but I was trying to make a point on how exaggerated the undervaluation of CUV has become when a cash burning startup (seeking to one day enter the EPP market) with a massive risk profile is worth 3 times more than a very profitable company with a monopoly in EPP for many years to come. It just makes absolute sense to do an on market buyback while the price is at these levels, largely thanks to shorting and manipulation. And while Clinuvel has $160 Million cash sitting idle, just 12.5% or $20 Million would be enough for a buyback - it would actually be a great investment in their own company and would reward/protect shareholders. As you mentioned about risk, the risk/reward ratio for short sellers just became a whole lot worse as a positive Phase III vitiligo outcome would be devastating for them.

Anyway Jefferies has raised their price target on CUV to $50.3 I believe now Vitiligo is into a Phase III trial so they recognise the undervaluation also, interestingly the market cap of CUV at $50.3 is not too much more than Disc currently have. The company that started coverage of CUV last week had a mid 20s PT but they basically had that all based just on EPP, little future value was forecast for Vitiligo but that was before the start of the Phase III trial was announced.

Amazing how quick things can change with some movement in clinical trials, just imagine what an approval in Vitiligo will do for this company. As I said yesterday, the beautiful thing is the drug is already FDA approved, CUV already have a very successful Phase II trial under their belt in Vitiligo as well, and they have put together a global panel of Vitiligo experts to assist here.

All IMO DYOR