Leslie Chong Interview 3, page-21

Viralytics had a single product - Cavatak - and sold for $A500 million, seven times the current IMU market value of $A72 million. IMU has a pipeline of products, in various stages of development.

I'd have thought the best way to maximise shareholder value over the long term is to sell or license drugs/therapies as they progress through at least Stage 2 trials, while continuing development of the rest of the pipeline. Each deal should be able both to fund ongoing research, and might also allow IMU to pay shareholders a juicy special dividend.

While it's easy to start feeling just a bit of excitement, it could easily be a year or more before anything happens that gives the share price a kick along. As with all things biotech, patience is the key.