I've assessed the risk to determine BOT is an excellent buying...

I've assessed the risk to determine BOT is an excellent buying opportunity and has been significantly de-risked with the acquisition of SB. That alone will keep the company afloat, let alone see significant share price increase. As for failures, acne was brilliant in the Australian trial but fell over in the US trial because of the quality of the product made there, not here. BOT won't make that mistake again and acne will soar. All of the others have had significant successes, not failures, they just weren't 'out-of-the-ballpark' successes, which is why the market is generally holding off. The 30% decline you mention is normal with these small biotechs. BHP is down 13% in the last month, FMG 19%, etc - it doesn't mean they're crap companies, just that the market prices in risk factors. That's what it has done with BOT but the problem is picking when it is going to go BOOM! All in due course in my opinion, but I respect that you interpret things differently.