Research/Valuation, page-322

@Jdmoney (reply not working)

With our results being presented at 3 leading conferences in the field we can be sure the key people will hear the results, if not already meeting with their boards to discuss offers. Also with these conferences and publicity it will be good to see a bit of a competition between the BP’s to bid for us unlike the other recent M&A where there seemed to be an absence of competition.

Per my post in another thread this morning, cancer-free result in a heavily pretreated patient is unheard of just based of 2 cycles of 8GBq; can’t wait for what dose expansion in 12GBq will prove in multiple patients. SAR Bombesin targeting an unmet patient population is also a winner; wonder if it qualifies in any special category for accelerated approval. Not to forget Neuroblastoma! We don’t have to worry about icing on the cake- the whole bloody cake is enticing!

People are saying that we are overvalued at $1Bn for our stage of the lifecycle. Here is the chicken and the egg. If today we are at $500Mn (1) we wouldn’t be able to raise $120Mn at the valuation and limited dilution we just did and (2) we would be at a higher risk of being taken over cheaply for about $1-2Bn.

I haven’t researched this but most of the radiopharmas acquired recently still rely on nuclear reactors while we do on cyclotrons and rhodotrons. The half-life of our drugs make it easier for transcontinental shipment, multiple day scans with Cu64 and longer time for Cu67 to stay in the body and washout quickly after that which provides just enough dosage to cure the cancer but not last long enough to cause radiation as a side effect.

Given our stage of trials, the results thus far and more to come this year, and our pipeline, it is unlikely in my mind that we sell below $4Bn (USD $2.6Bn) [my base case, 4X from here], fair value around $5Bn (USD $3.3Bn) today, will increase once we have more positive results and anything above is definitely welcome!