Don't get me wrong, I still think that there is plenty of upside for Benitec. If I didn't, I wouldn't stay invested. But, just for once, I would really like increased value to be sold to a partner so that non-dilutive money can be used to develop the company instead of reducing the share of long term shareholders.
I know that the story of biotech's is always one of raising more money. I have owned shares for years and been through so many BLT capital raisings that I have lost count of them. However, almost every week, we are now hearing about RNAi and gene therapy companies doing deals. The excuse that big pharma has lost interest does not apply anymore. We are told (and I believe) that we have great science. I believe we have great scientists too. We now need business development that matches the science and the scientists and so far we are not getting it.
If the IPO turns out to be business-as-usual, I for one will be very disappointed.
BLT Price at posting:
78.5¢ Sentiment: None Disclosure: Held
