Bell Potter's a bit too simplistic here
" Patrys has underperformed the market since its 2007 IPO largely because it was unable to produce antibodies at scale and therefore missed expected development timelines. The scale-up issue has now been overcome.."
Patry's solved the scale up of production in 2010.
The price still went from 15 cents down to 2 cents.
Also take them to task for patting Dr Marie Roskrow on the back when it was under her leadership that they raised money at the ridiculous price of 3 cents.
what ever happened with the csl collaboration?, page-21
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