Yeah, agree, but we all know the chance of finding the next FMG...

Yeah, agree, but we all know the chance of finding the next FMG is much sexier to ASX investors than a deep value medical solution for a poorly known problem.

I also think you need to add a fourth point:

4) Being a US business, listed here as CDI’s, automatically attracts less interest (Funds / Brokers) and support.

But there would be buying pressure if people could buy this at cash backing and knew there would be no more capital raising’s.
This would change the market dynamic and in turn the sentiment of investors.

And it will multi-bag from here in time, but how much credit can you give the Board for that, when a 200% rise will only just get us above the previous raising price, almost everyone is underwater until then.