arrowhead, page-5

Run by Peter Kolchinsky (pic), Boston-based RA Capital owns 2m shares in Arrowhead.

These are valued at $US45m and represent about 3pc of RA's portfolio.

The fact that RA and at least four other pharma-oriented US instos are investing in Benitec will be signally important in raising the group's American investment profile.

While we here might regret dilution and the modest placement terms, the US fund managers will be delighted...and encouraged to share their BLT success with the wider hedge fund community.

After a pause I expect the BLT share performance to emulate that of Arrowhead.