clinicaltrials.gov entry, page-19

With approximately 90 million shares on issue assuming that shareholders provide $3million and assuming by some miracle that the BLTOB options are converted, a $2.50 shareprice would equal a market cap of $225 million with 18 million in cash.

From observing other cashed-up companies like Alnylam, Bluebird Bio and Mesoblast with market caps all close to or well over a billion with no products even close to commercialisation, it appears that only a major deal with bigpharma will push up the sp and keep it there.

It could happen, but to be honest I don't see it happening until TT-034 shows efficiency, which would be after option expiry, due to the decision to go back to the FDA yet again and the never ending delays to our pipeline. It is all about the HCV trial now, not even a suggestion of efficacy from Calimmune will do anything but give a short lived spike in the sp.

But, mark my words, if TT-034 shows efficiency, and BLT resist a too cheap takeover, BLT will have the next blockbuster (a rare event indeed) and easily eclipse the market cap of all of these companies put together.

Remember that Pfizer were willing to buy TT-033 when it was just a pre-clinical dream for $145 m. A drug that shows efficacy in humans will be worth at least 10 times that. Imagine what BLT could do with that kind of cash.