on closer inspection...

Have another read of the report

http://www.biota.com.au/uploaded/154/1021573_44rbsmorgans-bta91007-7oc.pdf

Table 3, no mention of LANI license deal.

Earlier mention of a tiny milestone payment of $5m "The other key assumptions are a A$5m milestone payment in FY10 as the program is out-licensed"... why such a low assumption?

And then to patents "We understand from discussions with management that LANI will have about five
years patent protection from the date of product launch"... no mention of possible patent extention due to lengthy clinical trials.

But we do have a very substantial increase to the target price, a reason to buy provided in "given the expectation of positive news flow over the near term" and we've seen strong steady accumulation on the ASX... what positive news in the near term?

I'm no Sherlock Holmes but if I had to guess I'd say LANI is coming sooner rather than later FY10.