I think with strong data next month and we should have a market cap of around $300M
I expect management to pursue non dilutive funding as a cap raise for a phase 3 would be $100M easily and raising that much with such a low share price would result in ridiculous dilution.
Therefore I’d say, we’d get one of the following:
- A licensing deal for the global rights to the drug
- A regional licensing deal with SNT retaining rights in some jurisdictions
- A complete acquisition of the company.
No clue what the acquisition value would be, but I think management would be happy with one. I say this because Gary has been at the helm for so long that he probably wants a payout. Another reason is that Hashan’s fund holds 65M shares and as a director, he can’t sell the shares without destroying sentiment in the process. My belief is he will also want an exit where someone buys the company out. If SNT pays out for him, his current fund is an overwhelming success.
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