While the figure of $1 a share is off the scale for sensible...

While the figure of $1 a share is off the scale for sensible people, it is not silly to for-see a pretty dramatic increase in price from the Cho deal. Some people (current buyers) may have tweaked, but the wider market does not seem to have worked out what this deal means. I have just re-read the August announcement. Cho provide all the expenditure for trials as non-dilutive contribution. This would be an absolute minimum of $10M, more likely $50M and quite possibly $100M. Just think of the possible applications - all skin conditions, any cancer which can be accessed by the bowel, reproductive organs, airways and food passages. This covers a whole lot of cancers, including lung and prostate. These two alone provide a huge market. They also have a whole of body treatment for cancers which have spread to the whole body. They have been using this treatment for about five years as far as I can determine. If you accept the figure of $100M for trials and a rough figure of 3B shares after dilution I get a price of 3 cents. This is without any uplift for success. Still a long way from a dollar but the 10 cents does not look so crazy.