depth and orders, page-5

I disagree.

But then again there are so many factors, not to mention the overall market mood.

But I cant believe that the market cap is $10m and we are 2/3 of the way through a Phase III trial based on a known effective product with a delivery mechanism that has been shown to have higher absorption rates.

So what value would you place?

Im just throwing some numbers..

Lets assume that when its all said and done, EMS can obtain an upfront license fee and royalty stream to the value of $100m.

If that is the observed value on announcement date then lets take 30% off that and call the value post results release at $70m.

Lets call the value pre results release $50m

Lets call the value upon trial completion $30m.

So going the other way, as a working assumption, the market cap hits $30m when the trial is concluded, speculation drives it up to $50m in the lead up to the results, then the market cap jumps to $70m on the back of the results, and then finally a deal worth $100m is done.

There are roughly 600m SOI (594m to be exact) not including the new con notes and associated options.

So what SP would be looking at based on the above milestones and market caps?

So $30m would be 5c a share
$50m is 8.3c a share
$70m is 11.67c a share
$100m is 16.67c a share

Not saying this is what I think will happen, but when you think in terms of market cap rather than SP... and the numbers I have used are certainly possible, then you can start seeing the amount of upside from a SP perspective is high relative to where we are at.

Anyway, this isnt a prediction by any means, but rather food for thought...