Based on forward earnings...a 4x multiplier I think. That is, if there were no drugs in trial--completely discounting AMR 001--valuation is in the range on .92-$1 (based on year over year income). Depends who you are, but I read that as where lower support *should* be. Others' speculation on the MI drug puts it at 6, by their estimation. I'm risk averse, so price it lower, but whatever your thoughts on probability of success, .65 is still a significant discount.