Ann: Pharmaxis Exports CF Drug to US - US$3 Million Milestone, page-6

Agree it does get sold down heavily.
There needs to be ongoing revenue generation and further future milestones achieved for more revenue to pull this into an upward trend.

OR

The directors hire a PR person to increase communication on product lines, to assist in generating more interest in the equity.
If they ever need a CR down the track it would be at a price people qould accept for an example and support their strategic plan well.

My summary, isn't the "fundamentals" of the company, but the quality and regularity of "communication" with the investors, for these "out of touch" dinosaur board members.

Its 2021, everyone has a phone, many choices, and want updates on what they have thrown thousands on!