"....Management has had very little success in unlocking value from either of these companies...."

We have to wait until Zenith is far enough along with their studies so that a pharma has enough data to do a deal or a buyout.  We're just not there yet.

"....Management at Zenith says it is worth somewhere around $3 US/share the best they have done in financing is $1/share...."

You're comparing now (Enterprise Value) vs 2016 (financing). When they did the last financing at $1 /share, the Enterprise Value estimate was only $1 /share.