rbs morgan report 7/10, page-7

Nice to see some conservative assumptions in there.

Funny how they increased there valuations of HRV and LANI after the site visit... I wonder what was said, or what hints given. It's quite a dramatic shift in valuation simply because of a site visit...

Also interesting to see the LANI market share assumption is only at 10%. After licensing I'm sure the pharma partner could do better given the many advantages of LANI... but let's wait and see.

HRV assumes 25% chance of success, that must be commercial success rather than probability of getting FDA approved which could be around 60-70% now it's passed a phase II trial. Anyhow good to see such conservative assumptions still getting a valuation over $3.