From my perspective, it's all about two things, getting...

From my perspective, it's all about two things, getting encouraging results and cash. When Juno IPO'ed they had already raised hundreds of millions of dollars in previous capital raisings and had cash in the bank. There is safety in numbers. Investors wanting a little more chance than a black or red bet always feel more secure if they see others have put their money in. Money attracts money. This is why I am disappointed that we have not yet gained a solid source of non-dilutive capital. That said, the IPO will give us more cash, which should form the nucleus for our organic growth. The catalyst for that growth will be good results and our ability to attract interest in these results. I believe that the science will take care of itself, which only leaves our ability to capitalise on those results. Again, this is where I have some concerns as we don't want to be taken for a ride by big pharma and I am not sure that we have the right skill set to negotiate a fair deal for shareholders. If we can capitalise on the results with a deal that is fair, more investment capital will flow in (an unfair deal could see investment leave the company) and then there will be no looking back.

Even if all goes well, I still don't see us reaching the dizzy heights of a billion dollar mc in the short term but many hundreds of millions is definitely possible. If we can use the cash to accelerate our pipeline or make a wise acquisition, then a billion dollar plus mc should follow as Benitec has huge potential outside of TT-034.