looks cheap whats going on

AGM presentation of 29/11/06 stated:

Gross profit of $5.2M for Sept 06 quarter.

Whilst some of the information is ambiguous, they have more drugs coming on line in Dec06 and this year.

For Sept 06 quarter, the presentation said:

Gross sales: $21M
Net Sales: $12.4M
Gross profit: $5.2M

If we assume, $5.2 is profit before tax, then the gross profit for the year is at least $21M.

EPS on NPAT is 11 cents.

PE ratio of 16 = $1.71 share price.

They have 15M convertible notes: I could not find info on this.

Is this analysis too good to be true???????.

Big sell down happening recently.

Another big seller just popped up at 86.5 cents.

DYOR. These pharmecutical are risky but I jsut bought 3,000 shares.