VBIO Why have Perceptive Advisors accumulated 15% of this company? The easiest answer is that low-priced biotechs with workable balance sheets and "promising" pipelines have proven to be good risk:reward situations. Their Ph3 Hepatitis B asset will present top-line data mid/19. This product has beeen approved in 15 countries including Israel. Some estimate potential annual revenue for this product at $600mn. VBIO MC = ~$130mn Cash runway is only into H1/2019. A $150mn shelf is at the ready.