is takeover a real possibility, page-19

Tatmilk,
I was under the impression that the cash per share is sitting around 0.05. So this "valuation" may only be taking into account this cash backing-things such small biotechs can be hard to value and coming with many differing opinions especially when intangibles makes up the business. The 60cent valuation was an estimation based on the present value of estimated future cashflows- this takes into account the future and estimated sales etc. The 5cents only takes into account what we have here and now. Some might value the company based on what assets back the shares, some might value it at market value (what people are willing to pay), or what they estimate they will recieve in the future. Valuations can be quite a subjective thing.