big buying stated , page-35

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It's certainly true that the market cap model is precedent on commercialisation, which is why I initially stated a proven products and revenue stream. The proof, as they say, will be in the pudding once stable sales/earnings are established. as you rightly say, a few quarterlies down the track.

No question, the P/E ratios applied now are significantly less than pre-GFC, however back then the norm for Bio-meds was 18-20 times forward earnings. Now we are seeing roughly 10-16 times.

There are also options available for the funding of the commercialisation of Cvac, th the form of fresh equity, debt, a combination of the two or even forward roylaty payments from drug marketing partners.

Nothing is guaranteed but many things are possible.