It is amazing how some people think no news means bad news - yes this rule works in many sectors (no news of an expected drill results in the resource sector typically means bad news), but in biotech this is not the case. The serious risk for RAC was the ethics committee would rejected our application and not allow us to run the trial. If this had happened we would be back to square one and have had to update the market via an ASX announcement.
Given we didn't update the market, everyone can conclude by simple logic that the ethics committee didn't reject the application and instead must have had a few technical questions - this happens 95% of the time to applications that end up being approved. The positive I (DT) take away from all this is the vast majority of our shareholders understand that no news is great news (trading volumes have been tiny), my only surprise is that there hasn't been someone buying up the tiny volumes available.
RAC Price at posting:
$1.22 Sentiment: Buy Disclosure: Held
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