First, Elite would share the valuation with LPC and that would make sense to enable the loan agreement. However, as to making the company that completed the analysis public, most companies do not and that is their call. While we can disagree with that decision (I did and said it multiple times publicly on this board...as they say, you can check it out), the decision to keep the identity of the company private does not nullify the valuation. If nothing else, that LPC made the funds available is proof they believed it. However...
Exactly how, after three plus years, does the valuation even remotely resemble the value of Elite today? Let's make this easy...it does not. The increasing revenues, the reduction of debt, the development of their pipeline, the partnership agreements, and the position of SequestOx near completion of a trial to allow for resubmission, all argue the value is higher, even with the increased outstanding shares. Irrefutably!
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