Taking HA out of the picture (for now)

Hi All,

Just trying to understand the ACL assets without HA in the picture, are we undervalued at 10-11c right now?

I am not ruling out a reassessment based on further analysis of the control arm and demography of the cohort etc but I think it would be instructive to look at what worst case means for the immediate future. Oz biotech have had 2 this year with odd control group results in Prana (PBT) as well. Given the time that PBT has taken for any reassessment of the control I am not expecting much from any HA review in the short term.

So, Fonda plus cash plus any R&D grants should be closer to 20c, right?

Regards,
John