Clinuvel Pharmaceuticals (CLVLY)

[FarmaZutical]

Yes. Very close to my $6 m estimate.

The potential is so obvious. $5.7 with only 4 countries online and with a small initial group of patients receiving the implant in those countries. If we reach 20 European countries and get to treat the patients who are standing in line to receive Scenesse at this moment, then we could easily see $100 m per year in Europe for EPP alone. Add the almost certain FDA approval and we could arrive at $150 m per year. Add partnership for Vitiligo, subsequent FDA approval and label extensions within 3-5 years and the sky is the limit. Event the risk weighted valuation of Vitiligo once a partner is on board could be substantial. Clinuvel is in track to become a +$50 stock within few months / years.