Just a little balance re: Mr Hester's assessment. These are extracts from his report on OSL from August 2017:
"Despite progress in patient recruitment, the Board of Oncosil has provided what is in our view conservative guidance on the CE Mark Update. The company acknowledges recruitment has been more difficult and slower than anticipated and that an acceleration in recruitment is required in order to allow sufficient time for the Notified Body to make a decision (on approval) by the end of 2017. Nevertheless we believe recruitment of the first 20 patients will be complete by mid September, which should allow submission and review time (of the data) in advance of year end. The key variable (other than the clinical results) will be the BSI (the Notified Body) which does not have mandated response requirements"
And
" Cash Reserves Likely Sufficient to CE Mark
The cash burn rate for the June quarter was $2.37m and the company had $8.0m in cash at period end which is well ahead of the anticipated $6.7m in our previous forecast. We expect OSL has sufficient cash to complete the recruitment of the 20 patient run in study and submit a data package. Ideally the company will have a CE Mark in place and have its first cash generating patients before an anticipated next round of funding in 2018. We reiterate our Buy recommendation. Price target is amended to $0.41 following a roll forward of our DCF model."
So the 41c valuation was based on CE Mark being in place prior to end-2017 and OSL generating cash from sales prior to the (any-minute-now-IMO) upcoming capital raising.
Data won't even be submitted until at least 31 May, and in Hester's own words: "BSI (the Notified Body) does not have mandated response requirements. Hard to see any revenue before 2019 at best (and this leaves aside the company's now 5+ year failure to achieve CE Mark approval).
Tread carefully ...
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