Revenue increased 14.4% on the pcp to $25.9m and the NPAT increased 13.0% to $5.7m. Revenue growth was realised from improved sales volumes.

We have completed a risked DCF valuation for CRP, with the tabular form presented in our report. This is a base case valuation, with significant upside on de-risking, particularly with grant of the Marine Consents. The per share valuation is based on the current share structure diluted for raisings of US$14.14 million as flagged by the Company.

We have determined a base case valuation for SDX of $0.31 per share. The valuation incorporates a number of assumptions regarding the sales of the IVD product for the detection of bladder cancer in the US and Europe. The product has been de-risked to a large extent given the company has obtained an IVD classification in the US, Europe and Australia.

We have a base case valuation of A$0.37/share for Telkwa - this is based on the small scale operation, and we see significant upside to $0.82/share in this with the ultimate, full-scale operation, and also upside with success on permitting and execution. We note that these figures are based on unfunded and pre-tax Telkwa Project modelling

Our base case valuation for RAC remains at $0.44 per share. Our valuation is based on a fully diluted basis. The company is expected to generate revenue over the shortterm through the sale of Bisantrene under the NPP throughout the four above mentioned countries.RAC intends to make Bisantrene available for use in Europe and South Korea. The company is also seeking to gain approval by the FDA for its drug via the 505(b)(2) route.