cash 2x market cap, page-26

Cheers Jamwolf,

Yeah I'm aware of the Novaquest arrangement. I think when valuing the company you always need to look at that 20 million as debt, regardless of how it's paid back. Since if you were to liquidate all assets, then Novaqeust would see $$ before shareholders...

The initial 20 million agreement might favour PXS at the moment, however as you point out the "No sales, unlucky Novaquest" could end up hurting PXS come Jan next year when they require the additional 20 million for the Ph3...

A partnering deal is what they need, however it's obviously something they've struggled to get.