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Financials
�X Net cash position as at February 2011 was A$2.2m
�X Cash burn - Cash burn in FY10 (y/e 30 June) of AU$3.8m
�X FY10 result �V PYC reported a FY10 net loss of A$4.6m. Key items included revenue of
A$0.4m, contract research costs of A$1.9m, and employee expenses of A$1.4m. Net
operating cash outflow was A$3.6m and cash at 30 June was A$1.3m.
�X 1H11 result �V PYC reported a 1H11 net loss of A$0.9m. Key items included revenue of
A$1.7m, contract research costs of A$1.1m, and employee expenses of A$0.7m. Net
operating cash outflow was A$1.5m and cash at 31 December was A$1.8m. PYC also has
convertible notes that were issued at nil interest and mature on 30 April 2011. Previously the
notes have been discounted at a rate of 10% pa to calculate fair value at each balance date.
The notes are redeemable by the Company by payment of $1,7m, are convertible by
noteholders before the maturity date at $0.05 per share or convert at maturity at $0.04 per
share. Conversion at maturity would result in the issue of 33,500,000 shares or 10.6% of the
issued capital after the conversion.
�X Guidance �V PYC��s objective is to achieve cash sustainability in 2 years
�X Capital Structure �V 283m Ordinary shares, 64m options and 1.3m convertible notes (convert
to 27m shares).