Not at all - actually i think it’s been dampened by the fact...

Not at all - actually i think it’s been dampened by the fact they’ve only moved for such a small amount of capital. I was really hoping they would make a statement and raise $10m or so. Whilst i doubt any pharma will move until there is solid pre-clinical data if they do which is still probably 12 months away any large early stage deals are commensurate - ie how well funded the company is. Pharma can always put pressure on deals based on how far the company could carry themselves without it. Possible PAB could score a big milestone deal which will only pay out over the 6-10 years it takes to get a drug to market but up-fronts likely negligble with a small bank - maybe $1-2m - if you look at other deals with large upfronts look at their bank balance prior to the deal and it tells the story. It would be good if PAB can hopefully pick up a milestone deal late this year or next where a partner takes over funding of the R&D. Who knows, only see in time, still early days but looking forward to some mouse models and safety data.