I did mention that eGCAPITAL had upgraded their valuation to...

I did mention that eGCAPITAL had upgraded their valuation to $16.90:

From Paalyn:
"The note's from eG Capital.

They comment on Q3 Avastin sales, the relevence for PGL and how conservative their current valuation is (A$6.15).

They highlight as conservative assumptions:

- the deal size (US$100m);
- the drug price (half that of Avastin);
- the royalty rate (8%);
- no value on PI-166;
- no value on Medigen holding;
- no value on other IP (2nd generation PI-88, heparanase products, etc).

The A$16.90 valuation is simply the "unrisked" version (i.e. the drug making it to market) of the A$6.15 one (which discounts royalty revenues by 60% and total valuation by 20% to account for the risk of PI-88 not making it).

Can only imagine what it would look like if they weren't so conservative!"
______________________________________

Comment:

I am trying to get that Research Note.

There are not that many shares being traded and of course there aren't that many Options left either.
It appears to me there is a gap at $5.36/37?

It did come back but hasn't taken out that gap, it appears:

http://bigcharts.marketwatch.com/javachart/javachart.asp?symb=au%3Apgl&time=&freq=

The graph is becoming steeper, but presumably. people keep on buying because of the valuations?

Gerry
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