Its actually less than $20M MNQ is currently trading at 1.9...

Its actually less than $20M

MNQ is currently trading at 1.9 which is at the equivalent of 19c post consolidation. This would approximately give ePat a market cap of ~$17M or EV of $14M - not all that demanding.

The above assumes the public offer is at 13c (1.3c, pre-consolidation) as per the company's suggestion of 23,076,923 being offered to the public to raise $3M so this is a very conservative valuation.

Despite this weeks price action it has been a very good week from a fundamental standpoint. We can debate whether or not the trial numbers were substantial enough. I would have rather had an announcement rather than no announcement, despite only 57 patients tested so far it is fair to say the app works successfully under a variety of pain events and scenarios. This is worth a lot more than $17M.

Cheers