My take on it. He left the exec position (CSO), moved onto the board and has a Scientific Advisor position on the board. Since then he has been issued 20mil options at nil exercise price. That no doubt compensates for the lost of the 9mil loan funded shares and 3.5mil of options in today's ANN.
After all that, PW is still head of Telethon Kids Institute (TKI) 'Drug Discovery Unit' and that unit is contracted out by PYC to do all PYC's lab work in the TKI labs.
So I presume, now all salaries are paid by TKI and PYC's contract payments to TKI are classed as 'research & development' and would qualify for the tax rebate.
Also it looks like RH's loan funded shares were also canceled too.
PYC Price at posting:
3.3¢ Sentiment: None Disclosure: Held
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