pre trial npv of 26c

From Patterson's 19 June 09 Research Note (page 10):

A study by Czerepak et Ryser established a biotech failure rate of 74% (although we would make the
observation that aspects of the treatment have been significantly de-risked, as a result of the current
widespread use of Artmether in tablet form). This implies a risk adjusted value for Eastland® of $0.26.

If phase III trials are successful and after other appropriate submissions (below uses FDA approvals
as a proxy albeit not relevant for ArtiMistTM), then Eastland® valuation would rise to ~$1.50 on a derisked
commercialised basis.