This is a strong positive for mine.RAD will now do US roadshow...

This is a strong positive for mine.

RAD will now do US roadshow targeting funds that hold Lantheus and or have domain knowledge in the radiopharmaceuticals space. This is lacking in the Australian market for the most part. I'd expect the initiation of coverage with a price target by a US analyst at some stage also.

As some have pointed out many funds do not have mandates to buy on the ASX without a dual listing mechanism, which this solves for. More importantly, the majority don't buy stocks without a US focus and presence.

The latter (as well as the cost to road show and promote) is why most ASX dual listings fail. By comparison, Riccardo is based in New Jersey, he's ex Novartis and has pre existing relationships from Advanced Accelerator and Novartis days.

The CMO is in Boston. They have a JV with MD Anderson. Cancer Centre, which is the largest cancer center in the U.S and they have therapeutic rights to RAD204, which they took prior to AUD6 billion MC For background, Lantheus recently broadening from imaging by way of acquiring 2 therapeutic molecules for US$260m + 1.8b in milestones and royalties. The basis for this is the 10x price per dose for therapeutics (US$48,000 and requirement for ~4 doses for $192,000) compared to (US$5-10k for imaging).

It is safe to say if Lantheus had their time again they would have secured both the imaging and therapeutic rights for PD-L1 Sd mAb from the outset. Instead they've agreed to enter into a data sharing agreement with RAD which will benefit RAD considerably given it's in a phase 2 trial with Lantheus currently. If I was in the Lantheus corporate development team I'd want to purchase this program before spending too much on imaging, this derisking the same targeting agents, which can be used by RAD to significantly shorten the clinical development pipeline time and cost wise).

Also unlike other ASX companies dual listing, it’s not hard for RAD to talk to US brokers / funds (it's harder for them to road show in Australia!) and It's unlikely US funds would value RAD as low as the Australian market given the number of shots in goal, potential for a couple to go to phase 3 within 12 months and with a steady flow of pipeline from MD Anderson and two imaging agents already with a compelling clinical benefit.

Remember RAD is at the same stage, and arguably better, than CU6, but at a 80% discount. $44.35M vs $215.5M (and with more than half our market cap in cash).

All that bodes well for the coming year given there are so many value inflection points are expected. I'll provide my thoughts on those in due course.