Seelos Therapeutics Inc (SEELQ)

[Dimitrios George]

OK guys, I haven't had a chance to look at what she considered as the market for Vitaros, but let's just take her $35M royalties. Those royalties are both revenues AND bottom line earnings. At 45M shares fully diluted, that would translate to 78 cents a share. At a PE of 20** that yields a price of $16 if you will allow me to round up. Let's discount that by 30% for royalties in three years. That still gives us a price today of $11 a share...say $10 a share....So discount $16 by 50%, that still yields $8 a share. Where does she get $2?

**You have to go with a PE of at least 20 with Femprox in the wings, assigning NO value to the rest of the pipeline.