16 September 2003, BBY valuation of PSD The share price at the time was $0.50. PSD had 112M shares on issue, but owned only 42.85% of pSiMedica, so proportionally 219M shares and 100% ownership today is actually an improvement, in spite of the capital raisings since. Also, back then there had been only animal trials for Brachysil, no top-5 pharma agreement, and only about $2 million cash. Following the animal trials, BBY raised its probability of success for Brachysil from 25% to 35%.
So, this was their valuation: Brachytherapy: 36 cps + Drug Delivery: 16 + Orthopaedic: 11 + Tissue Engineering: 5 + Balance of IP: 0 = PSD valuation: 68 cps
I can only conclude that if BBY didn't get it badly wrong 20 months ago, then the current market has.
Pezz
PSD Price at posting:
0.0¢ Sentiment: None Disclosure: Held