Hi Istari,Yeah, I tend to think the fact our market cap is still...

Hi Istari,

Yeah, I tend to think the fact our market cap is still only about $200m allows for significant increases if there is a bit of enthusiasm for the new listing.

The outcome of CVAC approval is a market cap of a few billion and it seems fair to me that this difference might reasonably shrink somewhat further.

It has been pointed out that PRR has no revenue upon which it's 'real value' might be calculated, and that naturally allows for criticisms of estimates of what PRR might be 'worth'. It also needs funding to replace ST and that will not be free - only it will be a further improvement on the last two methods of funding.

However, in some respects the interim market cap is only material if further increases make it start to look ridiculous and like anything, it is worth what people are willing to pay for it.

It is a bit like an O&G play except in the important respect that the proving-up of the 'value' takes shape in a more reliable manner than 'hydorcarbons - yes or no'.

Perhaps more like a series of JORCs on a mineral play where inferred resources progressively shift to proven.

The fact the product is safe de-risks it to some extent.
It is not a toxic, chemo-style product but triggers and focuses an improved immune response.

It has been shown to work on a small patient population in phase II trials and replication in the larger population of the phase IIb trial would allow quicker transition to phase III - as per the trial design for rapid transition.

Of course, that ignores the fact that there will be earlier Phase II trials to occur in Europe.

Sorry for rabbiting on a bit lately on PRR. Being on the right side of what looks like a very promising play with a long way to go has been a bit of a rare event for me in the last couple of years, and so it is enjoyable to idly post what I think about it, (or maybe 'feel' about it, might be more accurate) while things are proceeding well.

I don't have any real concerns with PRR, per se, only about the ever-present broader external events that might impact on her. I'm hoping the Great Martis doesn't assume another transparent pseudonym and start posting impending global doom again, although I liked his style.