RY, It's a moving, evolving...highly fluid situation. The...

RY,

It's a moving, evolving...highly fluid situation.

The analysts (and market) will re-rate as FA milestones are met.

We must now start to look at 'unrisked' valuations...because the 'risks' are slowly being ticked off.

Also...

The hidden (dormant) value of ANP's other P2A assets will come into play if ANP gets upfront $$$.

P2A for ATL1102 in MS had some pretty good efficacy results.

The Acro trial too was ok.

Then there is new indications that will come out of Murdoch Institute study.

So, Morgan's had an "unrisked" number of over $1.70 earlier this year....just for DMD. They were projecting $350m upfront / equity injection for DMD.

If indeed it is $500 upfront...add the RPD voucher of US$100m...then upside of parallel P2 programs for 2 or 3 new indications...

Not much change from a $1.3 Billion valuation....over $2.

BUT

If US based traders get a hold here - we then head of to NASDAQ peer valuations

Biggest risk is M&A offer during the trial - opportunistic at $4 or so.

For now, head down, bumb up...lets start the EMA trial and take it from there.
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