Biotech Values

[DewDiligence]

ADHD/Arcturus—I thought Alcobra had nothing left? Seems like a pretty expensive reverse merger (Alcobra shareholders get 40% of equity).

The 40% figure is a little misleading insofar as ADHD's pro forma valuation in the reverse merger is only about $10M greater than ADHD's cash balance. I.e. Arcturus is paying about $10M for ADHD's Nasdaq listing, which does not seem excessive.