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Bell Potter make a market in Progen shares and so you know they have a significant conflict of interest. I do imagine that alot of people are getting nervous after the lung cancer failure and an adequate amount of risk needs to be accounted for in the Phase III trial that has just got underway. The sp has increased a great deal over the past 12 months and much of the blue sky is already priced in.

All it takes is a Phase III failure for this company to be worthless. That's a 50-50 proposition.