Looks very early stage, doesn't it and not overly attractive....

Looks very early stage, doesn't it and not overly attractive. Not an awfully demanding EV but rule of thumb for me with bio IPOs is to expense a large portion of funds raised from day dot, as they'll be gone in the first year. This is going to need a number of CR to get to a stage where it commands a $30m EV or so.

I had thought that Leedman as Chairman might draw the RAP crowd in but I think I'd rather just buy ANP, DXB, PTX or FTT at their current mc and much, much closer to binary events.