Glass Ceiling Podcast, page-3

Very informative Lev. The podcast provides a good synopsis of Cellmid’s historical development that many may not be familiar with.

The purchases of the Midkine IP portfolio and the Advangen business were each company making decisions.

The Midkine IP was purchased in April 2008 nominally for $2.9M ($1.5M cash and 20M shares trading at 7.0 cents at the time). From my records, up until FY18 it has provided $8.5M income in the form of royalties and fees, licence milestone payments, government grants, and sales of antibodies and MK-ELIZA.

Advangen was purchased in May 2013 effectively for $3.3M ($1.5M cash and 55.7M shares trading at 3.3 cents). Since then the business has attracted $16.2M in cash receipts. In FY18 it returned $5.65M in sales revenue, which is displaying average compound growth in the 65-70% range.

Fundamental value is described as the capitalisation of future income. On that basis past income already has covered the value of those two business investments several times over.

Tsuba’s comment is relevant.