In essence management has pulled off an outstanding deal with...

In essence management has pulled off an outstanding deal with Freshtracks who really had no choice but to ultimately sell their valuable asset in full so close to the goal. Would have been very frustrating for Freshtracks knowing how close they were but they were in survival mode and were not able to go the distance.

This is exactly the type of situation that our team has avoided with the purchase of an asset that will be cash generating much sooner than any of the rest of our pipeline; along with timely capital raises which while annoying for some, are a necessary evil in this game. Kudos to our management team for what they’ve pulled off.

The potential numbers for Sofdra are astounding - and at face value seem too good to be true given what they paid for the asset, but the logic behind the numbers stacks up quite soundly. Meanwhile we have it in black and white from the FDA that we are all but there with approval in a known timeframe, not to mention that it’s a proven commercially viable product.

Why is it not reflected in the market cap? I think the market generally either hasn’t caught on, assumes that the numbers couldn’t possibly be that good, or is nervous about risk given past setbacks and is holding tight. Either way I believe there is a massive opportunity staring us in the face and the ongoing uptrend shows that someone is seeing this value.

This, as others have pointed out, is just based on Sofdra and doesn’t take into account the rest of the pipeline which attracted most of us on the first place. There is massive potential in acne, rosacea and anti-microbial and soon we should be in a position to develop and commercialise all of these without worrying too much about cashflow. Who knows, maybe we could even give AD another crack? The fact that management pulled off Sofdra unexpectedly demonstrates the principle that quality management is usually the more important factor than the product. We have both. The market will start to have more confidence in, and see value in the pipeline once Sofdra is approved.

We have some very exciting times ahead of us in my opinion.

Good luck all! Our patience should start paying off in spades soon.