sth cross equities report has valuation 35c

Southern Cross Equities coverage of Biotron is a must read for investors looking at the company. A very comprehensive overview with the following assessment ......

"Biotron (BIT) is an early stage company developing
new anti-viral drugs. We like the clinical data so far in
Hepatitis C, the potential for a favourable clinical
outcome in HIV, and the opportunity for early
licensings of the BIT225 compound. We have a
favourable regard for BIT management. With this
note we are re-initiating coverage with a 12-month
target price of 35 cents".


Link to the 29 page report
http://www.biotron.com.au/ftp/Biotron_20091214.pdf

"A well-managed company Dr Michelle Miller has done an excellent job in focusing Biotron on anti-viral
drug discovery, getting compounds ready for the clinic, and marketing the opportunity to potential licensing partners. Backing Michelle is a strong board chaired by the former Fairfax executive Michael Hoy that includes the well regarded venture capitalist Dr Mike Hirshorn.

Biotron is inexpensive given the opportunity On 10/12/2009 BIT announced a 1 for 1 new issue of listed jumbo options at 2 cent per option to raise $2.3m with which to fund the HCV and HIV trials it intends to conduct during the course of 2010. We value Biotron at $0.37 base case and $0.90 optimistic case, fully diluted for this options issue, which is currently in progress. Our target price of $0.35 sits at our base case valuation.
We see progress in BIT225s trials, set to be completed before Christmas 2010, as the catalyst to reprice BIT to at least our target and potentially beyond".

Well worth reading Southern Cross Equities "Ten reasons to look at Biotron"