Great call Kevi.Techically, this is coming around the...

Great call Kevi.
Techically, this is coming around the bend.
Fundamentally this is seriously cheap.
Market cap is ~185 million.
Cash on hand is about ~85 million.
55m cash and equivalents MarQ and +30m latest quarterly royalty. GSK will sell ~60 million doses of relenza per annum at current prodcution rates.
Annual royalty ~ AUD125 million pa.
Potentially, BTA could be sitting on +180 million in cash in a years time on royalties alone.
No allowances made for any potential licencing arrangments from China or any other nations for the production of Relenza and no allowance made for LANI.
It's a gift at these levels imho and the technicals confirm it.