Valuation of 36cents and here we sit in 2007 at 16. What...

Valuation of 36cents and here we sit in 2007 at 16. What the?????? Lets get 2007 over and double our money bring on 2008. :)

Agenix Limited
Initiation of coverage: Growth options in
the Chinese drug market
Event
We are initiating coverage of Agenix (ASX code: AGX). AGX is a
biotechnology company, which has received regulatory approval for the
sale of its anti-hepatitis B (YHD) drug throughout China. The company
is also in the process of developing a monoclonal antibody-based
imaging technology (Thromboview®) to locate blood clots.
Implications
We have valued AGX at $0.36 per share. We will not provide forwardlooking
price targets or recommendations on the stock, given that it is
commissioned research. In deriving our valuation, we have assumed
that the Chinese operations ramp up at around 20%-30% per annum
over the next few years before beginning to taper. We have also
assumed that Thromboview® successfully navigates its clinical trials
and a licensing deal is struck in late FY10. Therefore, our valuation will
be sensitive to the uptake of YHD in the Chinese market and the
progress of Thromboview® through the clinical trials.