not great results, page-19

See the companies announcement today. This is still a speculative drug in development but, as the company points out, they are moving along the course to bring it to where it may be a great commercial proposition (or it may not). However, the chances of the "not" scenario are no worse now than they were before the recent results of trials shook up the everyday shareholder base, and in fact slightly better as the results show that it's not very likely BIT225 is going to kill anyone.

Those interested in quick returns would have sold and many will likely have bought back with the inevitable price drop that has occurred. Good on them if they make a few bucks, that's what trading is all about.

For longer term investors not into trading the difference between now and pre the SVR12 results is that the company is actually further along the long path to commercialisation than it was before and if you sold out low now you will be selling into a losing streak at an inevitable loss. That's a confidence thing. If you don't have the confidence (or gall) to stick out the inevitable ups and downs until they have completed all the scientific tests required then BIT is probably not a stock for you.

I retain my fairly substantial holding. The crux for me will be - can they get sufficient funds to continue next year after the IND application. My bet (yes it is a bet) is that they (actually I should say "we") will. The reasonable assessment of the facts of the development of this new class of drug is that it is quite likely going to find a niche somewhere because it has shown very promising results both in the lab and in small scale human tests. I see no reason at this time why a cashed up big pharma would not likewise take a bet on it. No, it's not there yet and don't you expect it to be but not yet time to bail out as there is still a fairly good chance of it being a big hit.

I think Michelle et al are also of this view or they would not be saying the things they are.