Maria Halasz Share Price Tracker, page-32

I understand what you say completely Juzzy, and as a fellow long term share and option holder I have the same feelings.

The point that I attempt to make is that the cause is the nature of the biotech business itself and not company management. Until that is understood shareholders will continue to try to find someone or something to blame to vent their frustrations.

In most other sectors (apart from mineral exploration) companies generally don't list on the ASX until they have a record of profitability. With the absence of any meaningful venture capital available to support early development for Australian biotechs they are forced to list well before the business is anywhere near being profitable.

Their shareholders therefore are required to play the role of venture capitalists and support that early growth via capital raisings until other sources come into play. The distinction is that venture capitalists have the expertise required to understand in detail the business that they are supporting. Australian biotech shareholders do not, which causes concern for obvious reasons.

The venture capital industry exists in other countries because of the very high potential returns that can be made from early investment in a biotech business. That same potential for high return exists for CDY and CDYO holders, but it can be highly discomforting to each individual to not be able to assess the relative risk involved (or lack of it). The consequent perception of high risk leads to our biotechs being chronically highly undervalued by the market.

In any case the options are still about 20 months away from expiry, and the business is approaching a stage where there are a number of likely events that could each contribute a large increase in the their market price before then.

Cheers

T7