Nice to see Bioshares back they have always had a bit of a soft spot for Phylogica, their ratings dropped from Class A to B but I assume that is largely just as a result of having the past partners walk - more partners &/or advancing a deal to a later stage and obviously that will lift back up.
Interesting to see the efficiency hurdle covered - that was always a suspect on assumption as to why some of those earlier partnerships didn't progress but was never mentioned as such - nice to see a bit of clarity there.
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