Listed Biotechnology Companies P

This Page Last Updated On 24/4/18

PAA - PharmAust Ltd.

Relisting of Echo Technologies in October 2004 with emphasis on refurbished pharmaceutical facilities in Western Australia and drug discovery through subsidiaries Epichem and Mimotopes (now sold to Commonwealth Biotechnologies) as well as a 15% position in Advanced Molecular Technologies and 40% of Commonwealth Biotechnologies. Prices were relatively stable following relisting, but there was a noticeable decline after April 2006 with a recovery in November (down 31% in 2006). The value of $5 million for the company in 2008 following fund raising indicated vulnerability of the company. A proposal for merger with Advanced Health Group was a development depressing prices and when this did not proceed, the share price rebounded but fell 65% in 2007 due to questions about the Board and viability of the company with some shareholder revolt. This appeared to have been resolved but prices were erratic (down 48% in 2008) culminating in the manufacturing subsidiary going into voluntary administration. Prices rose 100% in 2009 to a market cap of $11 million without explanation although possibly related to sale of property to remove debt. There was an increase and decline to $6 million in 2010 (down 55%) with company moving to invest in oil and gas exploration. There was a recovery and decline to $5 million in 2011 associated with new mineral prospects (down 25%). There was a further 53% decline in 2012 to $4 million. There was a 57% increase to $16 million in 2013 and the company has completed the acquisition of Pitney Pharmaceuticals and its oncology platforms together with new fund raising. There was little movement in 2014 (down 27% at $12 million) with announcement of new anticancer discovery and clinical trials in dogs and humans proceeding. There was little change in 2015 with company value at $8 million in 2015 (down 47%) with a successful fund raising, 20:1 consolidation and promising results coming from clinical trials. There was a 32% decline in 2016 with company value at $7 million following some market promotion, indication of potential future cancer targets and raising of funds for a NASDAQ listing (75% shortfall on rights issue which is being made up). There was a 3% increase in 2017 to company value of $12 million with new funds raised and a 12% decrease in 2018 to $11 million. (10/4/18)

PAB - Patrys Ltd.

Recently established Australian company drawing together US and German technology to develop treatments for cancer and other diseases. Collaborations in place with Takeda, Astra Zeneca and Debiopharm. Company listed in July 2007 and prices rose 50% immediately but were barely 2% of the prospectus price a year later. Market cap of $23 million (down 79% in 2008 but up 25% in 2009 with a jump due to speculation over prospective clinical trials). Prices down 22% with a market cap of $23 million at the end of 2010 following R&D agreement with CSL, achievement of first milestone, a new funding facility, new funding and FDA approval for orphan drug indication. There was an increase and decline in 2011 (down 68% at $10 million) with further announcements of advancements, appointment of new Managing Director and new funds raised. New fund raising in 2012 increased company value to $18 million (shares down 8%). There was a 24% decrease in 2013 to $15 million with clinical trials promising and a recovery with product getting Orphan Drug Designation by FDA and new joint clinical trial (eventually up 37% at $34 million with new funds raised). There was a 69% decline in 2014 with company value at $11 million with limited positive clinical results and resignation of CEO. There has been a further 44% decline in 2015 to $6 million with continuing delay in clinical trial due to manufacturing issues, appointment of new CEO and new licensing deal with China. Restructuring of company was continuing with retirement of COO and closing of facility in Germany. Down 25% in 2016 at $4 million with acquisition of new technology from Yale for application to cancer treatment. Shares were down 17% in 2017 with company value of $4 million but promising preclinical results resulted in a speculative jump in prices (eventually up 283% at $18 million). There has been a 61% increase in 2018 to $34 million with release of positive preclinical data on efficacy and raising of further funds (entitlement oversubscribed). (22/4/18)

PAR - Paradigm BioPharmaceuticals Ltd.

Company repurposing pentosan polysulphate sodium for the treatment of bone marrow edema listed in late August 2015 In 2015 following listing, shares fell 6% to company value of $29 million but rose 18% in 2016 to $39 million with a move into clinical trials for treatment of allergic rhinitis and viral arthritis and fund raising oversubscribed. Shares up 73% to $69 million in 2017 with new application for treating Ross River virus infection indicated and clinical trial in hay fever almost completed. Clinical trial not meeting endpoints resulted in more than a 50% drop in share prices (then down 27% to $29 million), However a publication indicating the role of pentosan polysulphate sodium in treating osteoarthritis resulted in a 79% turnaround in September. Eventually down 28% at $34 million with positive trial results announced, new funds raised and new clinical trials on schedule. There has been a 38% increase in 2018 to $46 million with continuing positive trial results fuelling speculation. (18/4/18)

PBP - Probiotec Limited

Ten year old company which first started with the processing of animal byproducts in the dairy industry and through acquisitions of manufacturing facilities of Pharmaction and Milton has grown into a manufacturer and distributor of over the counter (OTC) pharmaceutical products. After raising $17 million in an IPO, company began trading on the ASX in mid November 2006 and by the end of the year prices had risen 14% with a fall then recovery in 2007 associated with legal proceedings (up 19%). There was a further fall, recovery and decline in 2008 associated with market downturn, a favourable outcome to legal proceedings, a claim on a subsidiary by Pfizer and an unexplained fall was of concern (up 10% in 2008 with improving financials and up 66% in 2009 but down 73% in 2010 without clear reason ). Market cap of company at the end of 2010 was $35 million and was trading significantly below fundamentals. There was a 40% decline in 2011 to $21 million due to costly and unsuccessful international market ventures. The company is now in the process of selling off assets to reduce debt exposure with the expectation of a return to profitability which was demonstrated in the half yearly results. Despite this, there was an initial 24% decline to $17 million in 2012 suggesting some pessimism about the outlook although the company is reporting a return to profitability with reduced revenues. Belief in this latter view may have affected price rise in August (eventually up 5% at $24 million). There was a 5% fall in 2013 to $22 million associated with lacklustre economic performance and a continuing subsequent decline (eventually down 38% to $13 million in 2014). There was a further 16% decline in 2015 to $11 million with significant write down of ADP plant for processing lactoferrin due to uncertainty about supply from dairy industry and notification of new CEO. There was some recovery in mid 2015 and a fall then recovery with announcement of sale of ADP plant to Beston Global Food Co (ASX:BFC) (up 80% to $24 million). There was a further decline, recovery and fall in 201619(eventually up 11% at $26 million) with improving outlook for the coming year and positive trial results. There has been a substantial changeover of the board. There was an 80% increase in 2017 with company value at $55 million with acquisition of a leading pharma contract packer. There has been a 1% increase in 2018 to $55 million with latest financials indicating stable revenues and income. (7/4/18)

PBT - Prana Biotechnology Ltd.

Prana has suffered from being over promoted too soon and has endured the consequences of lack of stock market faith. The shares languished in 2003 and early 2004. However, in April 2004, as a result of promotion in the US market, the share price doubled but by July had returned to the mid 50¢ level where it stayed for the remainder of 2004 followed by a severe 70% decline in 2005 associated with problems with preparations of first lead compound due for clinical trials. At the end of 2005, there was a temporary 50% jump associated with early positive results with the second lead compound and a speculative run on the stock in July 2006 which the company then had to hose down and a further run in September which continued through into 2007. Shares rose 100% in 2006 but stabilised a little in 2007 and then declined followed by a 100% jump in December 2007 (up 29% in 2007). This was followed by a further temporary 27% surge in 2008 associated with release of positive clinical trial results (down 38% in 2008) and a significant 52% fall in 2009. The company's market cap is currently a high $46 million (down 17% in 2010 and up 24% in 2011 due to speculation and fund raising and even in 2012), following substantial funds injections and with current cash reserves of $6.7 million. The situation remains uncertain, following the departure of the US-based CEO and some US investors but a recent push to gain a further $40 million could alleviate concerns about funding for clinical trials. Shares up 35% in 2012 at $72 million with some recent speculation associated with media promotion, new fund raising and positive trial developments. There was a further 267% increase in 2013 to $321 million with more funds raised and trials extended and a further 35% increase to $447 million in 2014 with successful clinical trials on Huntingdon disease and validation of treatment approach. However announcement of Phase II Imagine trial not meeting primary endpoints resulted in 75% fall in April 2014 (down 74% at $98 million by end of 2014 with more funds raised and orphan drug designation for Huntington Disease). There was a 47% decline to $57 million in 2015 with limitations imposed by the FDA in a forthcoming trial. There was a sharp unexplained jump and reverse in August 2016 to $25 million (down 57% in 2016). There was a 54% increase in 2017 to $38 million but a 35% decrease in 2018 to $25 million. (17/4/18)


PIQ - Proteomics International Laboratories Ltd.

Company with the vague aim of development of diagnostic tests for common diseases and therapeutic drugs listed in April 2015 and prices increased 200% on listing but subsequently settled back (eventually up 27% at value of $14 million). There was a 12% decrease in 2016 with company value at $15 million following an analyst report and raising of funds and an 8% increase in 2017 to $15 million with partnership with Dimerix (AX:DXB) on diagnosis and treatment of chronic kidney disease. There has been a 24% decrease in 2018 to $16 million with strategic alliance (10% investment in ) Adelaide diagnostic company and raising of further funds through options. (18/4/18)

(PNO - PharmaNet Group Ltd.)

Shares in this company were subject to significant speculation in mid July 2004 on the basis of very poorly supported claims. No information on the claimed technical developments was provided and the reviewers of the technology were little known, but this aspect is now being addressed by the company. The substance associated with this company must be treated with circumspection until independent assessments can be made. As expected, prices fell following the surge and were expected to continue but there was a minor recovery between October and December 2004. Prices jumped temporarily in November 2005 with proposed backdoor listing in US which did not proceed but overall fell 27% in 2005 and 53% in 2006. Fund raising and a new company direction lifted prices temporarily again in 2007 (down 50% in 2007, down 73% in 2008 and even in 2009 until April when there was an unexplained 100% increase in price and a further increase in November: up 133% overall in 2009). There has been a further unexplained rise of 43% in 2010. The company had a $9 million market cap in 2011 after funding (down 40% in 2011) and in our view was still vulnerable with little evidence to support the shifts over the year. There was a 67% decline in 2012 to $4 million with a rights issue significantly undersubscribed. There was a further 50% fall in 2013 with a further proposed issue withdrawn due to lack of interest and a dispute over convertible notes. In 2014 the ASX was asking questions about the viability of the company with company now relying on loans. There were more questions about survival of the company with the passing of the Chairman, Director and Company Secretary and in mid April 2015 company appointed a voluntary administrator. The company undertook a 300:1 share consolidation and a new board was appointed. Company acquisition of gold project in Western Australia presaged its exit from biotechnology which occurred in May 2017 with proposal to rename the company Calidus Resources Limited. (5/5/17)

PNV - Polynovo Ltd.

Originally Metabolic Pharmaceuticals which listed in 1999 and by 2007, market cap had reached $245 million which in our view was very high as a result of speculation and we expected subsequent falls. in the share price. It was therefore not surprising that the stock fell 82% in February 2007 when trials of its lead compound for treating obesity were not successful. There was a further 50% fall with announcement that clinical trials on a pain drug were discontinued. Company halted work on oral peptide delivery, closed laboratories and was looking to outlicense its osteoporosis drug. This culminated in July 2008 with announcement to acquire PolyNovo Biomaterials which was rejected by shareholders in November but in December 2008, the company took a 66% position in PolyNovo and eventually 100%. Shares rose 15% in 2009 with market cap of $9 million. In November 2009, company changed name to Calzada and acquired Xceed Capital's and CSIRO's remaining shareholding in PolyNovo under a share swap. In 2010, shares fell then recovered and were down 13% at $9 million with the Xceed holding in Calzada sold and the Calzada 17% holding in Avexa sold. Calzada proposed to vend in Metabolic Pharmaceuticals and its IP into ATOS Wellness (ASX:ATW) for 50% of company but this was not successful. Through its shareholding, Calzada was seeking to exert influence over Avexa and this turned into an unpleasant and unedifying exchange between the Boards of the two companies. Eventually Calzada sold its holding in Avexa and concentrated on its deal with Phosphagenics for a cosmeceutical based on AOD9604 with some recovery in the share price. There was a 115% increase in 2011 to $19 million based on speculation on possible application of AOD9604 to treatment of osteoporosis and positive results from Polynovo leading to a clinical trial. There was a 16% decrease in 2012 to $16 million with no significant improvement in financials. There was a 68% recovery in 2013 to $33 million with announcement of positive clinical trials and new arrangements and a further 14% increase in 2014 to $38 million on speculation over FDA clearance and board and structural changes which resulted in a name change to Polynovo at the end of November 2014 and divestment of the Metabolic Pharmaceuticals business. There has been a 222% increase in 2015 to $159 million with new CEO promoting the business, clinical support staff engaged, a new clinical trial to obtain CE mark for BTM (Biodegradable Temporising Matrix), FDA approval, a new contract with US Department of Health and more funds raised. There was no change in 2016 with company value at $163 million with acquisition of new technology and a decision to use its own sale force to sell its product in the US market. There was a 79% increase in 2017 to $340 million with PNV's matrix product being successfully used in the US and a possible new application for NovoSorb, losses for the year up and new funds raised. There has been no change in 2018 with company value at $340 million with revenues and losses increasing and signing of anew program for a breast device. (18/4/18)

POH - Phosphagenics Ltd.

This company, previously called Vital Capital, changed from a pooled development fund to a nutraceutical and pharmaceutical company. It has developed two Vitamin E supplement formulations which are being marketed in the US and is developing drug delivery technology. Share prices increased 50% in October-November 2004 due to international fund raising and increasing international interest. Following acquisition of remainder of Vital Health Sciences with an allotment of almost 300 million shares and substantial fund raising, the value of the company at the end of 2010 was $89 million which is high relative to fundamentals but credibility will only come when there is a substantial increase in revenues. There was an increase of 39% in prices in 2006 possibly associated with expectations related to clinical trials and the deal with Nestlé. Prices declined 29% in 2007 and 68% in 2008 but there was a doubling of price early in 2009 associated with positive trial results, an evaluation agreement with CSL and launch of cosmetic products in the US but this has tapered of and was down 11% at the end of 2009. There was a 76% lift in 2010 with launch of Australian cosmetic line, a joint venture on OTC products, licensing in of Calzada technology for a cosmeceutical product and improving half year results. There was a fall and recovery in 2011 to a market cap of $214 million (up 75%) when full year results showed little improvement. Price being supported by further fund raising and expansion into agricultural and hair products sectors as well as expectations of commercialisation of patch technology with 3M. New agreement with Japanese, Korean and Indian pharmas and improving financials led to an initial increase in 2012 with a recent reverse (eventually down 31% to $148 million). There was a 28% decrease in 2013 with company value at $107 million with reformulation of oxycodone patch to overcome previous problems and positive trial results with new collaboration with USDA on mastitis in cows and questions being asked about accounting procedures depressing prices and resulting in exit of CEO/Executive Director. This was reversed with announcement of successful phase 1 trial on oxycodone patch (eventually up 21% in 2013 at $117 million). There was a 35% decline in 2014 to $98 with release of successful Phase II results. A new CEO has been appointed and company is considering selling its BioElixia cosmetics brand. There was a further 84% decline in 2015 to $15 million with a recent sharp drop and then a recovery following agreement on licence for animal nutrition in the UK but losses are increasing and company has restructured to focus on shorter term projects. In early 2016, the company announced that it had commenced litigation against Mylan Laboratories relating to previous joint development on a formulation of the antibiotic Daptomycin. There was a further 33% decline in early 2016 to $10 million with announcement that clinical trial did not meet required endpoint and some recent recovery (down 25% at $11 million). There was a doubling of price in April with announcement of a licensing and R&D deal with a large Japanese healthcare company (eventually up 142% at $37 million.) There was a 38% decline in 2017 to $27 million with ending of collaboration with Integrated Animal Health, reducing opportunity for commercialisation in the animal sector, sale of BioElixia beauty products brand and signing of product development agreement in Japan and licensing agreement for TPM as well as raising of new funds with an associated decline in price. There has been a 28% decrease in 2018 with company value at $21 million following raising of funds and the changing nature of the collaboration with Terumo. (24/4/18)

(PRR - Prima Biomed Ltd.)

Prior to 2009, Prima had never excited the market, possibly because it set up a number of subsidiary companies originating from the same research institute and all of the technologies would take some time to reach market. Over the initial years, share prices trended steadily downwards and fell 60% in 2004. There was a 30% increase in October/November 2004 associated with Board changes, but this was wiped out at the end of the year when prices fell. Prices fell 29% in 2005 and 46% in 2006 but there was a rise in early 2007 due to favourable results from an early clinical trial on CVAC technology (down 58% in 2007 due to speculation over director associated share sell off). The market cap of $3 million in 2007 followed fund raising and the company was repositioning itself for a new business or change of direction with departure of Executive Chairman. Prices down 76% in 2008. There was an unexpectedly large recovery of 2900% in 2009 to a market cap of $92 million with some refinancing, access to a line of credit, commencement of clinical trials, FDA approval for clinical trials and unrealistic speculation associated with an unrelated vaccine development overseas. There was fund raising in 2010 but some share price decline which resulted in a market cap of $127 million (up 13%) and an announcement of intention to list on NASDAQ led to a temporary price rise. There was a 59% increase to $271 million in 2011 with clinical trial progressing, an agreement on approach for European Phase III trial, a new round of fund raising and potential commercialisation in the Middle East in 2011. However there was a marked and unexplained decline in late July 2011 (eventually down 6% at $168 million). There was a temporary 50% increase early in 2012 but shares were eventually down 31% at $117 million with NASDAQ listing, TGA approval for manufacturing of CVAC in Australia, significant changes in the Board and senior management and termination of programs in Dubai and Holland. There was a 21% decline in 2013 to $107 million with new funds raised and new clinical trials proposed and there was a further fall when initial analysis of Phase 2 clinical trial indicated no significant effect (eventually down 65% to $48 million). There was an 8% decline in 2014 to $44 million but FDA granting of Fast Track Designation to CVac and positive clinical results caused a noticeable improvement. Company acquired French pharma Immutep SA with assistance from US fund Bergen to increase focus on immuno-oncology sector (eventually down 15% at $45 million). Shares down 27% in 2015 to $33 million with Immutep earning milestone payment from GSK for commencing clinical trial. The company has made a sensible decision now supported by shareholders to cease costly clinical development of CVac and concentrate its resources on the LAG-3 immunotherapy products it acquired through Immuntep. There was a 55% rise in share price to market cap of $105 million in 2015 with announcement of new collaborations in Japan, positive trial results with CVAC, entry of new investors and commencement of milestone payments by Novartis. There has been a 29% decline in 2016 to $75 million with company registering in the US to trade in American Depository Shares and receiving notification that it is not meeting NASDAQ requirements with steps being taken to rectify this. There has been a 36% decline in 2017 to $54 million with new collaborations announced and indications that NASDAQ listing will be retained as well as progress in clinical trials and new fund raising completed in the US market. Company changed name to Immutep (ASX:IMM) at the end of November 2017 with departure of chairman and director. (1/12/17)

PTX - Prescient Therapeutics Ltd.

Company previously called Virax Holdings Limited and name changed to Prescient Therapeutics after two cancer companies were acquired in 2014, Pathway Oncology and AKTivate Therapeutics, and a subsequent share consolidation. Shares down 58% in 2014 to company value of $5 million and down 13% in 2015 to $9 million with funds raised. There was a recovery in 2016 with FDA approval for trial and substantial funding raised (eventually down 10% at $18 million). There was an 8% increase in 2017 with company value at $20 million but the announcement in May of a severe adverse event during a clinical trial resulted in a 40% drop in prices. There has been some recovery following announcement of new indication for lead product PTX-100 (eventually down 22% at $14 million). There has been a 48% increase in 2018 to $21 million based on speculation about clinical trial results. (19/4/18)

PVA - pSivida Corp. EyePoint Pharmaceuticals inc.

Previously pSivida Ltd an Australian company was reincorporated in the US in June 2008. Company has had a patchy performance since its initial establishment. Company had market cap of $201 million in June 2006 but there has been a significant fall in value since then. Since reincorporation, shares fell 65% in 2008, rose 223% in 2009 and 11% in 2010: company had market cap of $87 million at the end of 2010 following announcement of positive clinical trials, further payment from Alimera Sciences and announcement of a profitable financial year. There was a sharp fall at the end of 2010 associated with lack of FDA approval for Iluvien. Fundraising in 2011 and a price fall of 9% led to market cap of $89 million with reduced revenues and loss of profitability and prices were further reduced by more than 50% when FDA indicated that it was unable to approve Iluvien (down 74% to $26 million). There were price oscillations in 2012 (eventually up 4% at $30 million) with European approval of Iluvien for the treatment of diabetic macular edema, new technical evaluation agreements signed, an agreement with Alimera to raise funds to develop and commercialise Iluvien and new funds raised. There was a 249% increase to $124 million in 2013 with improving financials, progress through FDA (with potential setback affecting recent prices) and new evaluation agreements and likelihood of reimbursement in France and the UK. There was a sharp drop in October when FDA advised that due to concerns about risks and safety profiles, it could not approve NDA. However this was reversed in December with announcement of discussions with FDA on labelling. There was a 9% increase in 2014 with company value at $145 million with FDA approving Iluvien for diabetic macular oedema, an associated milestone payment and a number of marketing approvals received for European countries with latest financials showing substantial income and profitability. There was a 29% increase in 2015 to $188 million with sales of Iluvien in the US commencing, clinical trials for Medidur providing positive results and new funds raised. There was a 60% decline to $88 million in 2016 with new fund raising completed, positive trial results continuing and new IND for treatment of osteoarthritis of the knee. There was a 44% decrease in 2017 to $66 million with new funds raised and a 54% increase in 2018 to $101 million with new NDAs being submitted. In March 2018, pSivida announced that it had acquired Icon Bioscience Inc. and would rebrand and change its name to EyePoint Pharmaceuticals Inc. The company has received approval to delist from the ASX at the end of April 2018. (22/4/18)

PXS - Pharmaxis Ltd.

Company listed in November 2003 after which shares dipped but then rose over 700% on the launch price. Prices increased 174% in 2005, 43% in 2006 and 42% in 2007 but fell 71% in 2008 and recovered 125% in 2009. The market cap of the company was $697 million in mid June 2010 ($96 million in cash reserves) which in our view was high for this early stage of the commercialisation cycle. Because of a number of issues including the aggressive push to commercialisation and the global fund raising, speculation has maintained prices. There was a surge in price associated with positive clinical trial results and additional funds were raised in association with this. However the uncertainties on world stock exchanges and delays in critical clinical trials affected prices which fell 34% and recovered but eventually declined 71% in 2008 following publication of improving year end results and broader problems on the stock market. Prices rose 125% in 2009 with promising trial results indicating further price increases are possible. There was an increase of 14% in 2010 with acquisition of Canadian drug developer Topigen Pharmaceuticals in exchange for shares and slow growth in revenues. However announcement of medical intervention on CEO and announcement of Phase III results led to a steep fall in June with a recovery in October with FDA approval for Aridol (shares up 10% with a market cap of $674 million in 2010). There was little movement in 2011 until announcement of delay of European approval for Bronchitol led to a 69% drop to $210 million and this was partly reversed in October when a more positive response was announced (eventually down 65% at $318 million with new funds raised). There was a 20% increase to $400 million in 2012 with indications Bronchitol will be reimbursable in Australia, approvals in Europe and completion of clinical trials but there was a significant decline in May due to general market uncertainty followed by a recovery (eventually up 19% to $383 million). There was a 40% drop to $231 million in January 2013 with a negative recommendation by an advisory committee to the FDA followed up later by confirmation by the FDA (eventually down 91% at $34 million). There was a 51% decline in 2014 to $16 million with Bronchitol shortlisted for a prestigious prize and a legal dispute with key financier. This decline was more than erased at the end of the year when Pharmaxis signed a deal with Chiesi Farma on bronchitol and dispute with financier was settled (eventually up 29% in 2014 at $42 million.) There was a decline and recovery in 2015 with an agreement with Boehringer Ingelheim for a new product, a second agreement with Chiesi and positive clinical trial results of clinical trial of Bronchitol in children (eventually up 167% at $114 million). There was a 22% decline in 2016 to $89 million and a 9% decrease in 2017 to $82 million with improving likelihood of new drug development income and positive clinical trial although results were not as positive as expected. There has been a 25% increase in 2018 to $102 million with outlook positive. (20/4/18)

PYC - Phylogica Ltd.

Drug discovery company which listed at the end of March 2005 at a premium of 30%, and retained this value through 2005. The company was promoted at a time of downturn in the sector and it was reasonable to expect that prices would decline once initial euphoria had dissipated. In 2006, the shares of the company rose, fell then recovered and rose 88% overall associated with heightened expectations for company developments and new indications. This continued initially into 2007 but with some subsequent fall in prices due to lack of noticeable progress. This resulted in decision to change CEOs at the end of the year. We consider that longer term share trends will be similar to current levels: market cap of $18 million at end of 2010 was fair (down 60% in 2007 and down 81% in 2008 but up 238% in 2009 associated with engagement of investment advisors and speculation over collaborations with large pharmas including Roche and Pfizer). There was a 53% decline in 2010 despite an agreement with Medimmune and Pfizer. There were price oscillations in 2011 to $18 million (eventually down 38%) due to speculation resulting from promotion by analysts, further fund raising and new and extended collaboration agreements. Improving financials in 2012 appeared to have had limited effect on prices with falls unexplained (down 38% to $11 million) with licensing of technology into the cosmetics industry and new fund raising. There was an extension of existing collaborative agreements and a new commercialisation agreement in 2013, none of which appeared to have had an effect on the bottom line or the share price although there was a 32% drop to $10 million with recapitalisation in train. Underwritten entitlement issue 87% acceptance and 59% share rise in 2014 to company value of $16 million with emphasis on international collaborations. However this was reversed when Janssen decided not to continue with collaboration and now a new agreement has been signed with Genentech (up 12% in 2014 at $19 million with more funds raised and new agreement with Genentech). There was a 26% increase in 2015 to $24 million without a satisfactory explanation by the company and then a doubling of price with announcement of positive research results with Phylogica's fusion products. This was followed by a fall with announcement of entitlement issue to raise further funds (in 2015 down 32% at $26 million) following fund raising. Shares up 92% in 2016 to company value of $50 million. There was a further 60% increase in 2017 to $85 million with funds raised and appointment of new CEO and CSO as well as new company strategy moving from product development to platform commercialisation. There has been an 8% decrease in 2018 to $79 million with substantial changeover of Board and management. (17/4/18)