16 September 2003, BBY valuation of PSDThe share price at the...

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