The acrimonious battle between hedge fund short-sellers and Australian biopharma group Clinuvel Pharmaceuticals appears finally to be drawing to a close.After a two-year struggle, during which short-sellers have focused on the company’s regulatory hurdles for its drugs and its steep valuation, the hedgies are in retreat.Frequently the subject of debate on message boards and, improbably, a favourite stock of cigar-smoking German hedge fund manager Florian Homm, .1bn Clinuvel provides a treatment for erythropoietic protoporphyria. EPP is a rare and serious inherited disease that leads to raised levels of a phototoxic molecule. When a patient’s skin is exposed to light the molecule reacts, leading to irritation or a visible burning within minutes. At worst, the pain is so
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The acrimonious battle between hedge fund short-sellers and Australian...