Ann: Strategic Partnership and Lead Program, page-6

Slightly anti-climatic, but there are some positives.

PYC obviously value this lead candidate and appear to have quarantined it within Vision Pharma (VP). One reason they might have done this is to invite / encourage other companies to invest in VP rather than PYC. That raises the opportunity of generating income without impacting on the "ownership" of any of the other opportunities within PYC.

To me, there is little downside to partnering with a non-profit other than relinquishing the opportunity to raise capital from that partner. Some of the leading non-profits in the country (Peter MacCallum and Burnet Institute) have fairly recently developed commercial arms. I'm probably preaching to the converted here, but non-profits need to make profits which they can re-invest into their operations, as they are unable to distribute them.

I'm expecting another announcement in the near future about a partnership between VP and "Company X".