this is an old recommendation, june last year. results should be...

this is an old recommendation, june last year. results should be soon. any comment?

Avantogen Limited (ACU)
Immunotherapy and cancer treatment
Recommendation: Speculative Buy
?? Outstanding results for Avantogen’s RP101 anti-cancer therapy in
clinical trial: survival time for pancreatic cancer patients doubled.
These excellent results boost confidence that RP101 will become
a successful cancer treatment. Expected cash flow from
pancreatic cancer treatment is worth 26 cents/share
?? GPI-0100 adjuvant promises to deliver a steady and growing
royalty stream, with first royalty payments from Pfizer expected
this year
??" Phase IIb clinical trial results for Pentrys cancer vaccine due early
2006"

ACU has recently received its first revenue from
its GPI-0100 adjuvant. This is the first of what is
expected to be a growing stream of royalties and
milestone payments for this product. The value
placed by Big Pharma on the benefit of improved
adjuvants to boost their cancer and infectious
disease vaccines is emphasised by the recent
US$300 million purchase of adjuvant company
Corixa by GlaxoSmithKline.
3. Pentrys™ p53 Cancer vaccine is in Phase IIb
clinical trials in prostate cancer patients and
preliminary results are due in first quarter 2006.
4. BBY estimates that if RP101 was successfully
launched as a pancreatic cancer treatment in
2009 then the present value of the likely after-tax
cash flows would be AUD $0.26 per share,
underpinning our buy recommendation.
5. Management has indicated they believe that they
will be able to launch RP101 into the US market
in 2007. An early launch would boost the value of
RP101 cash flows to AUD $0.45/share.
6. Initial indications are that RP101 will also be
effective against a wide range of cancers,
including ovarian, breast and liver cancers.
Additional cancer types could be treated offlicence,
or RP101 may be registered to treat other