I agree with almost all of your points, good work! However as a 7 years shareholder who held the exact views of your above analysis, I recently started to doubt the business model of Pharmaxis's CEO Gary Philips.
The multi-front "potential", as Gary claimed, can only bring in some one-off payments (via milestone payments) to the company, but those fund were spent over the time to support their salary, bonus and free shares (god tell me how many times Gary Philips has been granted millions of free option, in the meantime the share price dropped to 5 years low).
My conclusion is: there ARE potentials, but do those potentials present meaningful return for shareholders? It's just a cash making machine for the CEO, board/management team, and their employees.
PXS Price at posting:
19.5¢ Sentiment: None Disclosure: Held
(20min delay)