Agree, that is my concern also. I wouldn't hold much stock in the larger shareholders, as they will no doubt get offered a bite of the cherry in new co. which may have a better return profile?
It absolutely, in a fair world..?, should be funded via PYC, but if that was their plan they could have just used a collaboration agreement (as with many deals we've been used to seeing) and left it at that. By placing it into a different vehicle it can ring fence risk, but the more likely scenario is different equity splits to the new funders. Why do that? Because new funders are one step closer to commercialisation than the rest of PYC.
It may be complete speculation of course, but until they release details there is no way to know. And, the longer they don't release details (i.e. hide the truth) then the worse it smells.
Ann: Successful Major Milestone - Human Retina in a Dish Models, page-7
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