the irony of it all, page-3

Danny - i understand what you're saying but it still is basically it's lowest valuation even pre-rights issues in 2009 with half the amount of shares on issues, 239M shares @ 5c translates to the same $11M mc the company has today. So in theory no value whatsoever has been gained despite it being the most proactive 3 years the company has seen as the model changed. Not taking into account any other aspects Phenomica spin-off, Le Métier de Beauté license, library upgrades, partnerships in discussion blah blah blah there's two points with the progression that has been made in the past 3 years that many other small bios strive for & only dream of securing. Firstly the obvious point that 4 of the worlds largest pharmaceutical companies have shown enough interest in the company to enter into these deals & secondly while milestones are only ever a guide to the potential of a collaboration & rarely will the full extent or even anything close materialze unless they start pulling rabbits HOWEVER what big pharma has done is assigned a value as to what they would be willing to pay Phylogica if they deliver, it's not speculators trying to assign a value based on a drugs market size, percentage achievable... it's the value current partners are prepared to pay the company if it can deliver, while again i would never expect all of that or even close to be achieved but simply putting a price to what they see it's worth is an achievement itself.