Fantastic news. Not only this, but as per slide 11, Adherium is "on track to meet guidance to exceed $5.7M for FY18." Mr Market has responded somewhat positively to this, but I still see the company as very much undervalued. As you have pointed out @jamwolf, the company has an enterprise value of <0, which means that the market is valuing the company's IP and future potential sales/GP generation ability as less than worthless.
It has been hard to see the SP be flogged over the recent past, but it certainly pays to place into the wider value context.
ADR Price at posting:
8.0¢ Sentiment: Buy Disclosure: Held
