Flipper, the $1 valuation is based on only 18% of the UK potential patient population getting the treatment to start. They say this is normal in pharmaceuticals, but most of us expect DCVax-L to be in much greater demand than 18% of GBM patients just because there is little to nothing else out there and GBM is lethal. That figure is found in the chart in the analysis sectiion where they explain how they came up with $1. Also, they give our projected value a 15 % discount, which they base on other similar products, which they explain in the section about how they came to their valuation.
I'll be unavailable until late this afternoon.
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