will merck pay 300 million us for benitec , page-27

ok if the question 'is does market cap reflect the value of the co's IP?', the answer is no - because the market,big pharma, and everyone else doesn't know until the patent battle is resolved in both the courts and with USPTO.

ie: market presently says 13.5c, but if Graham 099 patent is lost then i'd say lower.

if Graham 099 patent upheld then i'd say much, much, much higher.

and it's in this present turmoil some of are suggesting your risk reward position is well worth a few bob, but not your house.