cheapest biotech stock on the asx

Neuren Pharma ( NEU.AX)
Marketcap: only 48 million A$
Price: 0,34 A$

Awesome Pipeline :

Glypromate MCI in CABG Phase 3
NNZ-2566 Severe TBI Phase 2a (deal with US Army)
NNZ-2566 Mild/Mod TBI Phase 2
Motiva Apathy Phase 2b

Taylor Collison
http://preset.sphilo.com/neuren/images/NEU%200708%20-%20Hamilton.pdf

By the end 1Q CY08, we expect Neuren to be running four major
efficacy trials; namely three Phase 2 trials for NNZ-2566 in
mild/moderate and severe TBI and Motiva™ in post stroke abulia/
depression coupled with the current Phase 3 trial for Glypromate® in
CABG. All indications potentially provide Neuren with first to market,
billion dollar opportunities. With a current market cap of $40.2m, Neuren
remains a solid value proposition in the sector, where FDA INDs for mid
to late stage clinical trials continues to remain a vexing proposition. We
maintain our Speculative Buy recommendation and price target of $1.30,
though expect to make changes to our valuation model once the
acquisition has closed, which we expect during the current Q.