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Redfinn - welcome to the biotech run. I switched over from miners a little early in 2011, in hindsight there was an in between safe haven in the big stocks till early 2013 but you can't afford to sit out of a cheap sector because they run fast when money shifts over.

Shooting stars late last year have been plenty NEU, AHZ, ADO, PBT etc but PYC has only just corrected its balance sheet and moved to funding safe status for a couple of years which has moved it back to a nice neutral level of 3-4c again.

If you have been in spec miners then you need to understand that while the biotechs are similar in their potential eg drilling for oil, gold, gas with potential bonanza playoffs - there are not the rigid timelines you get in mining where you know it's 65 days to total depth and you strike or it's a duster.

Here it can be months of negotiations and a world of big pharma watching what each other are doing.

PYC has patents over something with crazy potential but it will take years to develop properly and they are really in the phase of people just finding out what they can do.

The biggest potential they have is in turbo charging existing big pharma products - these guys don't want to start from scratch on existing products but they do want to stretch the life of them or win market share off others so they are always looking for the ability to turbo charge. It's very similar to part of the approach ADO is taking with many of the products they are applying Mix and Go to - it either makes an existing product cheaper or more effective and that means big dollars relatively short term for potential customers.

So much goes on behind the scenes here so patience is the magic ingredient as an investor. I suspect we are in a 2.5-4.5c wider range and probably 2.8-3.8c within that for a few weeks yet, maybe a few months.

The management of the company are focused on the right things now rather than worrying about their funding so they are progressing the science and also rebuilding credibility with the investor community during the period they don't need money which is important. The CEO has being quietly doing what GC did last year in ADO and doing 'profile' investor presentations so that when he has something to say there are many people watching.

Potential here is huge but could take a couple of years to be realised. In between now and then it could probably get to 5-10c on a bit of good news and profile.

If the sector in the northern hemisphere keeps up its bull run then a few little Aussie bio's will be swallowed up along the way and PYC would be on the target list but the Hockings control that future as they own more than 20% in the mean time the first real likely to give us more information on how to value this would be a response from Janssen on the data they have been provided - probable timeline on that is the next 2 months as there are presentations mid year that might make some of that data public.