We probably need to think about blaming the market. It's...

We probably need to think about blaming the market. It's definitely mispriced. Sure the capital raisings haven't been great, but when the market struggles to ascribe anywhere near the correct value to the IP and combine with retail's impatience for returns and the Australian tall poppy syndrome, we get some very bad market behaviour. Hence we end up with very dilutive capital raisings, and yes, we all hate being diluted - but the intent was always that future CR's would be done at a premium as the market allocated greater value as trials progressed and it de-risked.

There was some very solid reasons for PH to launch and fund these companies from Australia, especially with the R&D rebate incentive, but I suspect any subsequent company IPO would be happening in the US markets. Although the Biotech sentiment globally is terrible, there's just something about Australia that shows our immaturity and patience that we're not the right place for these type of companies.

I think the IP will end up somethere and *someone* will make money, but if the market carries on like it is now - then a lowball offer for 8-10c will pickup enough to force the acquisition and the next shareholders will be the ones to make money.

Sigh,

Good luck to all holders

YS