running out of ammo?, page-110

A few weeks back PAB had a mkt cap of $45m now we're back to $26M at 6c post cap we will be back to $45m with an extra $12.5m in the bank got to be a good result and still valued at 20% of US peers

That's a bit ingenious. A few weeks ago PAB was around $16mill marketcap. Went to $45mill+ on the quick rise on the back of Onyx announcement, and which we now know was partly organised to push the price up for a rights issue. At 5c share price, if all shares were to be taken up, we're looking at a marketcap of around $42mill. That's a significant increase on where it was a few weeks ago. Valuing it against its US peers is pointless as all speculative AUS bio sotcks are significantly discounted compared to their US peers. $40-$50 mill is where quite a number of other Australian bios (and Healthcare Equip companies) in similar prospective positions are atm, there are 10-12 of them.

I sitll think there is potential for further rises as the Phase 2 milestones tick over eg commencement etc etc, but this placement has effectively (if successful) increased the marketcap of the company. Sure $12.5mill gained but this is to be spent quickly, in the meantime there is a large overhang due to the large placement which will make any short-term appreciation of share price difficult. There's great medium term potential though, no doubt about it.