thoughts on pxl

Looking for constructive input in an analysis of PXL:
I bought a few yesterday.
Partly on the back of Stephen Porges being CEO
Partly on the suggestion that a fairly high profile and successful analyst is keen.
Partly on the graph –and
Partly on the fundamentals.

I admit:
Volume and price action is far from convincing.
It could easily break either way - and
Sellers heavily out number buyers: Sell 778,000 / Buy 188,000.
But:
It is getting squeezed into a trading range between 28.5 cents and 31 cents.
And still for last 2 months has rarely slipped below 29 cents ---
So it would seem that buyers may be coming in from off screen to take 29c sales.

The info below is just cut and paste from company info:

AGM Presentation as @ 17th Nov 2006:
*160 million shares -- Current price 0.31 -- Mkt Cap: A$48 mill.
* Cash position: A$9 million
Sufficient for 12-24 months. (Grant and deal dependant)
* Global partners with leadership in chosen diseases
* Lead diagnostic programmes –
Point of Care detection of active TB infection
Early stage diagnostic for cancer (Prostate)
Novel diagnostics for neurodegenerative disease
*Royalty driven Diagnostic platform.
*Lead therapeutic programmes –
Topical drug treatment for skin conditions
Injectable for systemic treatment of radiation damage
Orally bio-available drugs for Parkinson's disease.

Cash:
As @ 31 Dec 06: $6.9 million.

Management: (among others)
Stephen Porges: (Chief Executive Officer) –
Currently Porges is also Chairman of Hyro (HYO) -- spent the last 20 years in international investment banking. The last 7 years have been in New York, most recently as Managing Director and Head of Equity Sales and Relationship Management for HSBC Investment Bank.