The news was announced at about 6:30pm New York time a few hours after close of trading. Got a short period there of some big price movement but I’ve learned not to read too much into after hours trading. However, there was definite heavy volume for the day — with 3 million shares changing hands that is the equivalent of one fifth of all ASX CDIs on issue.

I think there is a re-rate afoot. It may just be a steady one rather than the more dramatic one I had envisaged. I suspect this is as low as it gets for a while.

Post FDA IDE approval I’d expect (or at least hope) to see some on-market purchases, or options exercised, by CEO Wayne Paterson ahead of the next big cap raise.