valuation time, page-3

$80-$100M with SM6 Phase II on completion but that's still being relatively conservative imo with FDA granting Orphan designation yesterday and doesn't take into account any move out of left field made on the company should it occur.

I've stated my reasoning previously. I'm not going to repeat it.

For an extra source though that comes to about the same figures Stuart Roberts BP report released October 2012 had a $0.12 (base case) - $0.21 12 month target. Worth noting that basically all objectives in that report have also now been achieved.

Stuart Roberts / Bell Potter - A Diamond In The Rough - Nov. 2012





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