Ann: Positive Results from the SOLVE-CRT Randomised Sub-Study, page-16

Some really good questions posed Edmorgrimm, and whilst i can't directly answer any I'm happy to add my 2 bobs worth.

In general I'd suggest that the biotech/medical device sector of the ASX is primarily only of interest for a select group of retail investors, many of those who are either some how involved within the field or have become exposed investment-wise to certain success stories in the sector, eg CSL, NEU, NAN, but for all those successes there's the money pits (eg MSB, IMU etc) - but of course timing of entry/exit determines personal success/failure.

I agree with McQuade that in the case of EBR the cornerstone investors, which are financial institutions, haven't changed shareholding positions since it listed, or maybe to increase holdings slightly, especially with the latest CR at 91 cents. It seems to me they have made a very long term commitment to support EBR into the commercialisation stage. Thus IMO they must believe that FDA approval will happen.

Mind you the resolve of the cornerstone investors was clearly tested soon after the Listing, when it dropped from $1 07 at IPO down to mid-30's cents several months later. And the volumes traded fell away. I was certainly of the opinion that some of the institutions would have been bailing. None did! To me that says a lot about their belief in the value of WISE in the long term.

Since EBR's rise back above about 60 odd cents daily trade volumes have been quite reasonable IMO, and that probably has been facilitated by the involvement of traders getting in - and note that we've now had at least 3 TA commentators contribute on HC - Saragian, Patong, Lies, each of whom probably has a following of some benefit.

But IMO because of the long time still before we get to FDA approval, and then into first phase commercialisation I can't see the share price moving up to any significant level over the next few months. Seems to me even though the medical device industry may be gradually becoming aware of WISE, and the market becoming aware of EBR, retail investors are very impatient. AND TA traders are even more impatient - many want to see a profit within the next few trading sessions or they're not interested. I guess that goes with the speculative nature of those investing in this sector.

I believe EBR will continue to trade about current levels for at least the next few months, of course depending on how the broader market trades, and at times there might be testing on the downside and upside - the recent drop to sub-80 cents was interesting, it was only for a couple of sessions, and I got a few more shares at 80 cents but it didn't get to my Bid at 75 cents. But I'm adding just a few thousand each trade, nothing significant - my core holding has already been reached, and I won't be selling any of those shares for a long time!

And as for your last question:
"Or (and perhaps this is the more obvious explanation) am I just over estimating the likelihood of EBR returning multiples"

Of course I'm biased too, but I believe that's the reason why the instos have remained.
And if you build a simple cash flow model, which i have done, you'll see that it doesn't require much of a take up in the first year to achieve the multiples that might surprise many.