Vascular Biogenics Ltd (VBLT)

[SCHB]

We're at 200MM market cap now. Let's assume a little run up before results gets us to 250MM market cap. Very positive results and the market cap goes up to $400-650MM market cap, and then $1B for FDA approval. I could see a buyout for $5B max after positive results or FDA approval. I don't see how VBLT gets to $10B BO without success in other indications first, along with marketing and manufacture of VB-111 in the U.S. I'm comparing it to past acquisitions and I don't see how we get to 35-50x current market cap by the end of 2018. Maybe 10-30x. I'm also thinking because this hasn't been tested as a monotherapy at this point; it's still in conjunction with Avastin. Let me know your assumptions.