This biotech stock raised $11M in a risk-off environment. Its Alzheimer's drug could change the game, page-5

Meh

When it listed in 2007 it had about 40 million shares on issue, now it has just over 3,000 million shares on issue. Anyone that has held since the IPO have been diluted by more than 98%. The IPO share price was 50 cents a pop, now it's down to 2.5 cents a pop. Also, the company missed its most recent primary end point, about cognitive effects. Up till that result the company had led with the cognitive angle: this is the first statement in their presentation from the start of the year: "Xanamem: A novel pro-cognitive and potentially diseasemodifying drug". Now they're "following the science" which apparently no longer includes the cognitive angle.

So you can hardly blame the market for being a bit proppy about this particular stock: it has been shooting blanks for the last 17 years.

But, for what it is worth, I think that this company is not without a chance of ending in commercial success so I've started following it (my form with medtechs is abysmal but I keep lining up for another towelling). At least they are cashed up for the time being - 3 cap raises in the last 18 months or so! - though they do seem to spend like drunken sailors. And at least they are hunting elephants, not warthogs. There's a mining guru who recently commented that small mines offer small returns but have the same inherent risk as big mines (so why would you punt on small mines?). The fact that the MD, Steve Gourlay, is still targetting the whole of the Alzheimer's disease market as well as some forms of depression makes his/he/him blue sky call for the stock to go more than 30 times up on its current share price at least plausible (improbable but plausible).

Anyway, full respect to the long termers here, it is a worthy venture and you deserve to be rewarded for your dedication.