updated chart, page-405

Personally, I don't like to use chart when we know there is a strong fundamental in the business that we have and while the price is steadily moving up with seemingly less and less selling power from the sell side. The presence of whales here is so visible that many are still unaware and selling scrip at so low a price. Once the scrip from free float is dried, you will see how the power of scarcity work as scrip become rare...

A quick reminder of what PTX market cap can be based on the past acquisition of companies in the similar space:

1) Loxo Oncology was acquired by Eli Lilly for USD8 billions (A$10.4bn) - PTX200 is reaching advanced state of clinical trial for AML and I am sure Eli's big pharma competitors would be closely tracking this.

2) Juno Therapeutics was acquired by Celgene for USD9 billions (A$11.7 bn) - We will soon see the phase 1 readout of PTX100 which may just progress toward Phase 2/3.

How about Omni-CAR + those CAR-T programmes that PTX has been embarking on? Probably another $10 bn worth.

Why should we then keep looking at TA when mc is only about $125m now, which is so much undervalued compared against potential of at least $5 - 10 billions, which may not be far away as we have a robust portfolio of drugs at advanced stage of clinical trials.

I spoke about the price on Psychology when market will shift its view of a "Crappy Stock" t o an "Unicorn Stock" and I think 20c for PTX could be the pivot point. Based on the power of scarcity, I see the sp will rapidly move up once sp clears 20c. Stay tuned!