No, it does not reflect the likely revenue just for the UK. It's not a huge number of patients just there, though it is likely patients from elsewhere in Europe could go there to get treatment as well. But when you do a basic analysis of potential revenue, based on some of the assumptions people have made here over the years in terms of cost, and then do some basic predictions on multiples, you definitely get much higher numbers than the current valuation. Plus, upon MHRA approval, the likelihood that the market will value in Canadian, Common Wealth countries, US and European approvals becomes far more likely. Then we're talking some quite substantial valuations. Further if you you start to look at the studies UCLA is doing with more brain cancer patients beyond GBM, and you look back and see that Germany and the UK both included those broader definitions when they gave certain awards to NWBO for earlier access, it becomes quite clear that the potential numbers of patients that could access DCVax-L in those categories is quite substantial, and even just in the UK, it's quite good.
Arguments like yours, by shorts, are clearly desparate arguments. It's a concession that approval is likely and a fallback.
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