We maintain our Buy rating and are increasing our price target to A$0.20 from A$0.16 based on the following factors: (1) increasing our projected chance of success for PTX-200 in HTR breast cancer from 14% to 18%; (2) adjustment to base year; and (3) adjustment to exchange rate. Our valuation is based on our clinical net present value (NPV) model, which allows us to flex multiple assumptions affecting a drug’s potential commercial profile. 

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