Orbimed, page-2

You're absolutely right Montrachet. Australian firms seek capital from the US market at their peril, and VLA have undertaken their cap raisings in a very responsible and credible fashion. Capturing an investment from this latest investor (check their website for their breadth of experience) is impressive, esp at just a 5% discount.

Investors like this will not be bullied into a higher price. They have their valuations and their targets and if VLA had pushed for more they would have run the risk of getting nothing.

Anyone who thinks US investors are just waiting to be rolled over by an exciting Aussie biotech, check out what has happened to BLT, MSB, SHC. Their market caps have been ruined by an unrealistic expectation of US investors.

From me, well done VLA management.