EMS eastern metals limited

From Patterson's 19 June 09 Research Note (page 10):A study by...

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    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.
 
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