There's a new catch-up note out from Edison - with a first full note to follow:
"Investment summary: Turning a fresh p(h)age
A $7m private placement with RA Capital and Third Security, and a research collaboration with the US army, provide AmpliPhi with fresh impetus in its development of bacteriophages. These deals build on the purchase of Special Phage Services (SPS) last year and a recent strategic collaboration with Intrexon. AmpliPhi is the only company to have completed a controlled Phase I/II study with bacteriophages (naturally-occurring viruses that kill bacteria). The next steps towards technology validation are Phase I and II studies with the US army in 2014 in skin infections due to S Aureus, and a Phase II study to treat Pseudomonas infections in cystic fibrosis (CF)."
"Valuation: Modest $25m EV
We estimate AmpliPhi’s EV at $25m, based on 197m total shares now outstanding and $6.85m net cash at end-Q213. We view this as modest, particularly with regard to the CF opportunity. We will initiate full coverage of AmpliPhi in due course."
The Edison preliminary coverage report completely missed valuing Glybera and MYDICAR. Nevertheless, with the recent US Army CRADA development, uniQure new funding/distribution partner, recent $7 mil. financing, Glybera $$ royalty stream coming in this Qtr.,, pending CF trial partner annoucement any day now, exchange listing upgrade, once recognized APHB could be trading significant higher soon even with 197 mil. shares issues (A, B, conversions).