valuation time, page-6

Paprika -

It's worth noting Roberts $0.12c is base case prior to commencing Phase II & not taking into account other developments. Really using that valuation with the 12 month mark coming last month it's more inline with the optimistic $0.21 target as "value build" was primarily focussed on the Phase II trial although as it has played out it likely exceeds the optimistic $0.21. Phase II updates have been extremely favourable getting better with each cohort and the final 4th to be delivered imminently looking to grasp success. Aside from this the valuation didn't take into account the Orphan Status granted in Europe last month & by FDA in US yesterday - this significantly raises any value on SM6 a huge validation of the path.

Unlikely to get a Bell Potter update from SR though as he resigned earlier this year, went solo for a few months to see out his waiting period & last I heard had been pulled into a international Bio Fund - we'll see though. I'd expect update reports out of somewhere in the near future though although likely wait for the trial completion.