satisfactory close, page-11

Yeti-Man.

PTD's current P/E does flatter it as this year it reaped the rewards of one off dispute resolutions with Abbott's and J&J. Whilst it will continue to receive royalties for the next 5-6 years I do not expect the earnings to be as significant as this year. However this may not be correct as some reports claim that PTD will be receiving up to $200 million US in staggered payments over an undisclosed period of time.

The basis of my argument that PTD is one of the better bio's however is that it is a feat in itself that companies of the calibre of J&J and Abbotts have recognised PTD's technology and are paying them sizeable royalties. Most ASX bio stocks are still in the lab or R&D stage. Indeed PTD have an active R&D programme as well through Domantis and other ventures like Biosceptre however they have the advantage of being able to support the R&D with not only the royalties but products such as Suprelon and Ovuplant, whose sales are also becoming significant.

In any case we all need to make our own decisions and time will indeed be our judge. PTD remains speculative but in my opinion is one of the better speculative stocks with a number of factors in its favour. Good luck.